Question

Define the following word: command economy –

Answer 1

A command economy is a system where the government, rather than the free market, determines what goods should be produced, how much should be produced, and the price at which the goods are offered for sale. ... The command economy is a key feature of any communist society.

Answer 2

Question

Define Command Economy

Explanation:

The command economy is an economic system in which the means of production are held by the government and economic activity is regulated by a central authority that sets quantitative production targets and distributes raw materials to productive firms. In such a system, deciding how much of the total production should be utilized for investment rather than consumption becomes a political choice decided at the national level.

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