command economy

Definition |

(50)

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.

Use command economy in a sentence

I did not like the idea of a command economy because it was rather negative and not run properly at all.

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Most businesses felt helpless in a command economy because, no matter what happened in the market, the governments still had final say.

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The U.S. is certainly a free market economy and has had strong opposition to a command economy where the government plays a large role in deciding what goods will be produced.

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