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Jun 30, 2024 · A command economy is a system in which a central governmental authority sets permitted levels of production, as well as the terms of distribution and pricing. It's a component of communist ...
Aug 27, 2024 · Definition. Bon Kristoffer G. Gabnay, Roberto M. Remotin Jr., Edgar Allan M. Uy. " Economics: Its Concepts and Principles," Page 42. Rex Book Store, 2007. A command economy is a system in which a government plans its economics to attain societal goals. Learn characteristics, pros, cons, and examples.
- Kimberly Amadeo
Jan 9, 2021 · A command economy is a major feature of communist systems and the opposite of a capitalist society (where production and price levels are determined by market forces like supply and demand). In a command economy, the central government planning office determines production, distribution, and pricing. Capitalism encourages entrepreneurs to start ...
- Bethany Mccamish
Mar 30, 2023 · A command economy is an economic system where a central authority, such as the government, plans and controls the production and distribution of goods and services. This type of economy is usually associated with countries governed by communist or socialist regimes.
- The main idea of a command economy is that the government controls all major aspects of the economy and makes all decisions about production and di...
- Central planning in a command economy means that the government creates a plan for the allocation of resources and production, which must be follow...
- A command economy is one in which the government centrally plans and controls all economic activity. In a mixed market economy, some elements of bo...
- The government does. Command economies are those in which the government makes the majority of economic decisions.
- Overproduction is not possible in a strictly government-controlled economy because price mechanisms and production quotas exist. Command economies...
Oct 14, 2024 · command economy, economic system in which the means of production are publicly owned and economic activity is controlled by a central authority that assigns quantitative production goals and allots raw materials to productive enterprises. In such a system, determining the proportion of total product used for investment rather than consumption ...
A command economy, also known as a planned economy or centrally planned economy, is an economic system in which the government or a central authority makes all the decisions regarding production, resource allocation, and distribution of goods and services. In such a system, the government typically owns most, if not all, of the means of production.
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Mar 4, 2019 · A command economy—or centrally planned economy—is a system in which the government controls all facets of the nation’s economy. All businesses and housing are owned and controlled by the government. In a command economy, the government determines what goods and services will be produced and how they will be sold according to a multi-year ...
