What is a command economy?

They write new content and verify and edit content received from contributors. 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.

What are the disadvantages of a command economy?

They can quickly respond to fill critical societal needs such as health care, housing, and education, which are typically made available at little or no charge. Disadvantages of a command economy include: Command economies breed governments which limit the rights of individuals to pursue their personal financial goals.

What are the advantages of a command economy?

Some advantages of a command economy include: They can move quickly. Controlled by the government itself, industries can complete massive projects without politically motivated delays and fears of private lawsuits. Since jobs and hiring are regulated by the government, unemployment is consistently minimal and mass unemployment is rare.