Step-by-step explanation:
Command economies are characterized by:
Centralized Planning: The government makes economic decisions.
Ownership and Control: Government often owns major industries.
Resource Allocation: Government decides resource use.
Price Controls: Government sets prices.
Limited Choice: Limited consumer product choices.
Income Equality: Efforts to reduce wealth disparities.
Lack of Competition: Limited market competition.
Bureaucracy: Requires a large administrative apparatus.
Stability but Lack of Flexibility: Stable but less adaptive to change.
Examples: Former Soviet Union, Maoist China, Cuba.