Communism
Command Economy
Command Economy
Production of goods and services is determined by a central government, which is usually owns the means of production. Production does not necessarily reflect the consumer demand. Also called a planned economy.
Decisions: All decisions are made by the government on production and selling of products.
Ex: China
Communism
The government owns and makes all decisions concerning the economy, holds all political power, and determines the distribution of goods and services.
Ex: North Korea