Pick the best words! Check out your bona fides and avoid any faux pas. The meaning of COMMAND ECONOMY is an economic system in which activity is controlled by a central authority and the means of production are publicly owned.
What are the characteristics of a command economy?
A command economy has a few key characteristics, including the following: The government creates a comprehensive economic plan covering everything from production and distribution to the consumption of goods and services. It also sets specific goals for each sector and region.
What is the main idea of a command economy?
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 distribution. It is also known as a centrally planned economy. How does central planning work in a command economy?
