WORLD HISTORY

Detailed explanation-1: -When a country’s central government decides the approximate production levels of different goods and also sets their prices, it is known as a command economy or planned economy .

Detailed explanation-2: -Communism, also known as a command system, is an economic system where the government owns most of the factors of production and decides the allocation of resources and what products and services will be provided.

Detailed explanation-3: -command economy, economic system in which the means of production are publicly owned and economic activity is controlled by a central authority that assigns quantitative production goals and allots raw materials to productive enterprises.

Detailed explanation-4: -In a command economy, a central government or single ruler decides how many goods should be produced and services provided, and sets their prices. Most countries, including the U.S., have economies with elements of both market and command economies.