In a command economy, the government makes the economic decisions. This means that they control industry (including manufacturing and agriculture), as opposed to being controlled by the markets and the people. The government decides what goods to produce and how to distribute them.
Command economy
Consumers.
In a command economy, the government makes the economic decisions. This means that they control industry (including manufacturing and agriculture), as opposed to being controlled by the markets and the people. The government decides what goods to produce and how to distribute them.
the president...
Direct regulation is the economic style of command economies, like communism where all economic decisions are made by government.
Command Economy. :D
Command
Economic decisions can be made by various entities depending on the context. In a market economy, individual consumers and businesses make decisions based on supply and demand. In a command economy, the government or central authority typically makes all economic decisions. In mixed economies, a combination of both market forces and government regulations influences economic decision-making.
North Korea, Vietnam, and portions of China are areas that come closest to having a purely command economic system. In a command economy, most economic decisions are made by the government rather than the free market.
an economic system in which the central government directs all major economic decisions
Economic decisions are made via centralized planning, and prices do not determine how much is produced.
North Korea, Vietnam, and portions of China are areas that come closest to having a purely command economic system. In a command economy, most economic decisions are made by the government rather than the free market.