What is a command economy?

Answer 1

A command economy is an economic system where the government, typically a central planning authority, controls and directs all aspects of production, distribution, and consumption of goods and services. In this system, the government makes all economic decisions, determines what should be produced, how much should be produced, and at what price it should be sold. The government also sets wages and decides how resources should be allocated. Command economies are often associated with socialist or communist ideologies, as they aim to eliminate private ownership and promote collective control over resources.