Question

What are some pros and cons of a command economy

Answer 1

A command economy is where a central government makes all economic decisions. The government or a collective owns the land and the means of production. It doesn't rely on the laws of supply and demand that operate in a market economy. A command economy also ignores the customs that guide a traditional economy. In recent years, many centrally-planned economies began adding aspects of the market economy. The resultant mixed economy better achieves their goals.

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