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Government Controls Production in Command Economy.
What is the economic command?
- When the government has complete control over the economy and the means of production, the economy is referred to as a command or planned economy. In a command economy, decisions on what to create, how to make it, and how to distribute it within the economy are made by the government.
- In a command economy, the government has complete authority over the economy it oversees. The government regulates wages and prices. There are few property rights, important companies and industries owned by the government, and active black markets.
- Supply and demand factors, which determine what, how much, and at what price goods and services should be produced, are not allowed under a command economy. Instead, all economic activities are planned, coordinated, and under the direction of a single government, which discourages market competition.
Government Controls Production in Command Economy.
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