Final answer:
A command economy is characterized by government ownership of virtually all resources and economic decision-making by central government planning.
Step-by-step explanation:
A command economy, also known as a planned economy or communist economy, is characterized by government ownership of virtually all resources and economic decision-making by central government planning. In this type of economic system, the central government determines what goods and services to produce, how they should be produced, and how resources should be allocated.
For example, in a command economy, the central government may decide to prioritize the production of certain goods that are considered essential, such as food and housing. They may also set the prices for these goods and establish regulations for the distribution of resources and wealth.
Command economies limit the role of individual decision-making and private ownership of resources, instead giving the government control over the economy to achieve specific societal goals.