The government controls prices and supplies, the government determines what is to be made are characteristics of a command economy.
A command economy is one in which the government exercises total authority. To coordinate intricate social and economic systems, a number of administrative tools are used, including orders, laws, and national objectives.
In other terms, command economies are authoritarian economic systems in which economic choices are made primarily by a political or social hierarchy. The participants in the economy, right down to individual workers, adhere to the decisions made by these leaders.
Cuba, North Korea, and the former Soviet Union all have command economies. Up until 1978, when it started to shift to a mixed economy that combines communist and capitalist features, China maintained a command economy. A socialist market economy has been used to characterise its existing setup.
The central government of a country must possess and manage the means of production in a command economy, commonly referred to as a planned economy.
There is no private ownership of land or capital, or it is very restricted. Prices are determined by central planners, who also manage production levels and restrict or forbid competition in the private sector. There is no private sector in a command economy because all companies are owned by or under the supervision of the central government.
In a command economy, government officials set national economic priorities, including how and when to generate economic growth, how to allocate resources, and how to distribute the output. This often takes the form of a multi-year plan.
Supporting answer
Hence option D, E are correct answer
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