A planned economy (also known as command economy and centrally planned economy) is an economic system in which the state or government controls the factors of production and makes all decisions about their use and about the distribution of income.计划经济，或计划经济体制，又称指令型经...
In a command economy, the government controls the economy through various commands, laws, and national goals which are used to coordinate complex social and economic systems. In other words, a social or political hierarchy determines what is produced, ho
What is a command economy?Free-Market Economics:A free-market economy is one where the forces of supply and demand negotiate freely in a market to find a compromise or price. Once a price is set, supply seeks to fulfill the demand for that price as efficiently as possible for profits ...
A command economy is an economic system controlled by a centralized federal government. Though the concept of a command economy...
What is a command economy and a market economy?Economy:Economy refers to a set of activities in the market that include the consumption and production of goods and how scarce resources are allocated. Moreover, the production and consumption of activities are used to fulfill recurrent consumer ...
A command economy is one in which the life-cycle and activity of firms, their adjustment to disturbance, and coordination between them, are typically and in the main governed by administrative means — commands, directives, and regulations — rather than by a market mechanism. Perhaps the most ...
Market Economy Example The United States is an example of a market economy. Its central bank, theFederal Reserve, attempts to maintain a stable economy through its monetary policy and its goals of full employment and low inflation. In addition, the U.S.Congresscan pass legislation to boost eco...
A market economy is one in which the government has little to no influence over the direction. This means that the government cannot, or will not,...Become a member and unlock all Study Answers Try it risk-free for 30 days Try it risk-free Ask a question Our experts can answer ...
Acommand economyis organized by a centralized government that owns most if not all businesses and controls the factors of production.Milton Friedman, an American economist, noted that command economies must inherently limit individual freedom to operate.4Macroeconomic and political considerations comm...
At its most basic, afree market economyis one that is governed strictly by the forces of supply and demand with no governmental influence. In practice, however, nearly all legal market economies must contend with some form of regulation. ...