command economy
Definition
An economy where supply and price are regulated by the government rather than market forces. Government planners decide which goods and services are produced and how they are distributed. The former Soviet Union was an example of a command economy.
Also called a centrally planned economy.
Also called a centrally planned economy.
Use command economy in a sentence
“ Most businesses felt helpless in a command economy because, no matter what happened in the market, the governments still had final say. ”
“ A command economy is considered a key feature of any communist society since the government has complete control and determines price and production off all goods and services within the economy. ”
