By: Jonathan Lopez, Gerald Areja, Vanessa Lopez
- The central governing authority makes all of the major economic decisions.
- Led by a dictator or strong army.
- Limit private property rights.
- Everyone is equal.
- Enables government to over come market failure.
- Most citizens receive some goods and services that they would otherwise not be able to afford.
- Unable to respond to consumer preferences.
- Loss of the individual freedom to choose.
- Decision is taken by people that may have no access to what is actually happening
Viable place to live ?
- They will have the sources to live but they wont have an option on what it is because the Government will choose it for them.
Places with Command economies
- North Korea