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  1. Dictionary
    com·mand e·con·o·my
    /kəˈmænd iˈkɑnəmi/

    noun

    • 1. an economy in which production, investment, prices, and incomes are determined centrally by a government.

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  2. www.investopedia.com › terms › cCommand Economy: Definition, How It Works, and Characteristics

    Jun 30, 2024 · A command economy is a system where a central government controls the production, distribution, and prices of goods and services. Learn about the advantages and disadvantages of command economies, and how they differ from free-market economies.

  3. www.britannica.com › money › command-economyCommand economy | Definition, Characteristics, Examples, & Facts...

    Jul 9, 2024 · This web page is about various topics related to money, finance, and economy, but it does not provide a definition of command economy. Command economy is a type of economic system where the government controls the production and distribution of goods and services.

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  5. www.thebalancemoney.com › command-economy-characteristicsWhat Is a Command Economy? - The Balance

    Aug 7, 2022 · A command economy, also known as a planned economy, is one in which the central government plans, organizes, and controls all economic activities to maximize social welfare. Command economies, as opposed to free-market economies, do not allow market forces like supply and demand to determine production or prices.

  6. www.financestrategists.com › macroeconomics › command-economyCommand Economy | Definition, Characteristics, Pros & Cons

    Mar 30, 2023 · A command economy is an economic system where a central authority, such as the government, plans and controls the production and distribution of goods and services. Learn how command economies work, their advantages and disadvantages, and examples of countries that apply them.

  7. www.thoughtco.com › command-economy-definition-4586459Command Economy Definition, Characteristics, Pros and Cons -...

    Mar 4, 2019 · A command economy is a system where the government controls all aspects of a nation's economy and production. Learn how command economies work, their advantages and disadvantages, and the difference between communist and socialist command economies.

  8. www.masterclass.com › articles › command-economyWhat Is a Command Economy? How Command Economies Work

    Jun 15, 2022 · A command economy is a system where the government controls the production and prices of the economy. Learn how command economies work, their advantages and disadvantages, and some real-world examples.

  9. www.wallstreetprep.com › knowledge › command-economyCommand Economy | Definition + Characteristics - Wall Street Prep

    Jul 10, 2024 · In simple terms, a command economy is an economic system where the central government has the right to oversee all decisions regarding the production, distribution, and consumption of goods and services.