Define command economy. command economy synonyms, command economy pronunciation, command economy translation, English dictionary definition of command economy. n. An economy that is planned and controlled by a central administration, as in the former Sov
Command Economies and the Control of Wages and Pricing Command economies are defined by governmental control of wages and pricing. The influence of prices extends to how they indicate the direction an economy is moving in. Higher prices tend to signal a growing or inflating economy, whereas lower...
Define Command economies. Command economies synonyms, Command economies pronunciation, Command economies translation, English dictionary definition of Command economies. n. An economy that is planned and controlled by a central administration, as in the
While command economies are typical of both communism and socialism, the two political ideologies apply them differently. Both forms of government own and control most industries and production, but socialist command economies do not attempt to control the peoples’ own labor. Instead, the people are...
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While the word stems from Nazi Germany, centrally planned economies existed long before that. Any time a government imposes control over industries rather than letting market forces dictate economics, then that's an example of a command economy. Even the U.S., which traditionally values free-mark...
Market and Command Economies Broad Economic Goals Market and Command Economies Economic Stability Maintaining stable prices and full employment while keeping growth reasonably smooth and steady Discussion Questions 1. What economic system offers more freedom?
A command economy is a key aspect of a political system in which a central governmental authority dictates the levels of production that are permissible and the prices that may be charged for goods and services. Most industries in command economies are publicly owned. The main alternative to a ...