WORLD HISTORY

Detailed explanation-1: -It is associated with socialism and communism. Examples of countries following a command economic system are Cuba, North Korea, Belarus, China, Iran, and Russia. Some of the advantages are the equal distribution of wealth, reduced inequality, low level of unemployment, and maximized social welfare.

Detailed explanation-2: -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.

Detailed explanation-3: -A market economy is an economic system where two forces, known as supply and demand, direct the production of goods and services.

Detailed explanation-4: -The free market is an economic system based on supply and demand with little or no government control. It is a summary description of all voluntary exchanges that take place in a given economic environment.