WORLD HISTORY

Detailed explanation-1: -In a centrally planned economy, major economic decisions are made by a central authority such as the government. Centrally planned economies are different from market economies where large numbers of individual consumers and profit-seeking private firms operate most or all of the economy.

Detailed explanation-2: -A market economy is an economic system in which economic decisions and the pricing of goods and services are guided by the interactions of a country’s individual citizens and businesses.

Detailed explanation-3: -Communism is an economic system in which the central government directs all major economic decisions.

Detailed explanation-4: -Command Economic System The aim of a command economy is to meet all needs of society and prioritize social welfare over profits. A command economy is an economic system in which the government makes all the economic decisions regarding the production, distribution, and consumption of goods and services.

Detailed explanation-5: -A command economy is an economic system in which the government, or the central planner, determines what goods and services should be produced, the supply that should be produced, and the price of goods and services.