One basic economic system is command economy. Describe this system in a paragraph of 50 words.?

Question

One basic economic system is command economy. Describe this system in a paragraph of 50 words.

Answer 1

50 words?  I'll try...

A command economy is one in which the production of goods is planned according to a central planner's forecast of the demand/consumption of those goods.  If the planner is wrong, goods must be rationed or sold below cost to make up for the difference.

that's 45 words.