What is a command economy?

The command economy, also known as a planned economy, requires that a nation's central government own and control the means of production. Private ownership of land and capital is nonexistent or severely limited. Central planners set prices, control production levels, and limit or prohibit competition within the private sector.

Which country has a command economy?

Belarus is a country considered to have a command economy given the significant government control over economic activities. Currently, the state owns most of the industrial base and agricultural land. Libya is also considered to have a command economy, with the government controlling many aspects of the economy.

How does a command economy differ from a free market economy?

A command economy differs from a free market economy, where the pricing of goods and services is determined by the market’s chain of supply and demand. are paid a set fee for their services. They do not receive any type of commission from the sale of products they are advising on. Business Owners, Executives & Medical Professionals