Question

the government controls the prices of commodities and the way commodities are produced and consumed. what type of economic system is that ?

Answer 1

Command economies

Step-by-step explanation:

Command economy are economies that controls the production, means of production, product pricing, and decisions on what to produce based on the macroeconomic and political objectives.

Economic production is majorly controlled by the government in command economies. The ownership of public goods and services industries is taken up by the government and the government decides how items are to be produced and what is to be produced that in the government's opinion, benefits the people. The prices of produced goods are set by the government.