Question

Command economy characteristics

Answer 1

A Command economy is also an alternative term for Planned Economy implying that all the economic activities in the country such as production, prices, investment, income generation etc are centrally regulated by the government.

Explanation:

Main Characteristics of Command Economy:-

• A central economic plan is implemented by the government which includes the entire planning to operate and administer the economic machinery of the country.
• Allocation or economic resources is based on central economic plan.Economic resources basically include various factors of production such as land, labor, capital, financial investment and so forth.
• Production of goods and services in the economy is dictated by the central economic planning.
• The government discourages creation of monopoly by owning monopoly businesses in the economy.There are many examples of government owned or administered monopolies in India such as IRCTC,Electricity Services,Energy and Natural Resource Industry and so forth.
• The economic policies and regulatory mandates undertaken by the government in command economy are meant to support and uphold the central economic planning.

Answer 2

Characteristics of Command economy

Explanation:

Few Characteristics of a Command Economy

• The government formulates a central economic strategy.
• The government allows all sources according to the primary strategy.
• The central plan establishes the preferences for the creation of all assets and assistance.
• The government holds monopoly companies.

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