Facts about Command Economy
Command Economy~ an economy in which production, investment, prices, and incomes are determined centrally by a government.
The Command Economy is a key feature of any communist society. China, Cuba, North Korea and the former Soviet Union are examples of countries that have command economies.
- A command economy is also known as a planned economy.
- The concept of a Command Economy is to ensure that the populace of the country has a sufficient supply of industrial products that are available at prices that will be reasonable for the manufacturer as well as good for the overall economy.