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
What are the advantages and disadvantages of a Command Economy?
- allows for change to happen drastically
- receives expensive goods and services that citizens can't afford
- Able to focus on a main import
- loss of individual freedom to choose
- lack of flexibility to deal with major problems
- tends to discourage new ideas and new ways of doing things
Command Economy (Economics report)