Command Economy

By Joshua, Jonathan, Andrea, and Johana

What are the characteristics of a Command Economy?

Some of the characteristics of a Command Economy include:

  • the central governing authority makes all of the major economic decisions
  • severely limit private property rights
  • major economic decisions are made for the people, not by them

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What are the advantages and disadvantages of a Command Economy?

Advantages:
  1. allows for change to happen drastically
  2. receives expensive goods and services that citizens can't afford
  3. Able to focus on a main import
Disadvantages:
  1. loss of individual freedom to choose
  2. lack of flexibility to deal with major problems
  3. tends to discourage new ideas and new ways of doing things
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Command Economy (Economics report)