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 is the difference between a free market economy and a command economy?

In a free market economy, goods and services are produced by private enterprise with distribution occurring according to market forces. Government ownership of the means of production. In command economies, governments will own some or all of the industries producing goods and services. Government pricing and production decisions.

Who owns the means of production in a command economy?

Government ownership of the means of production. In command economies, governments will own some or all of the industries producing goods and services. Government pricing and production decisions. In a command economy, production is decided by government agencies, who decide the most socially efficient goods to produce.