Here's a 'pros and cons' look at command economies. command economy definition: an economic system in which the government controls the type, supply, and price of the goods that…. This kind of economy is closely associated with communism and socialism ideologies , where means of production are communally owned. There are several examples of command economy according to the different situations. n. An economy that is planned and controlled by a central administration, as in the former Soviet Union. In a command economy, it is the government that decides what to produce, how to produce goods and how to distribute goods and services within the economy. In such a system, determining the proportion of total product used for investment rather than consumption becomes a centrally made political decision. In a Command Economy, it is assumed that decision makers are experts and as such, capable of making Economic decisions that maximize outcomes like profit or social welfare. What is a Command Economy? National economies can be run from the top down, so to speak, in what is sometimes called a command economy or they can be run from the bottom up in what is sometimes called a free market. A command or planned economy occurs when the government controls all major aspects of the economy and economic production. Learn more. Command definition is - to direct authoritatively : order. How to use command in a sentence. market economy-an economy that relies chiefly on market forces to allocate goods and resources and to determine prices. A command economy is a major feature of communist systems and the opposite of a capitalist society (where production and price levels are determined by market forces like supply and demand). In a command economy, the central government planning office determines production, distribution, and pricing. While in this real world version some allocation decisions are undertaken by markets, the vast majority are made through central planning. Command economies synonyms, Command economies pronunciation, Command economies translation, English dictionary definition of Command economies. Define command economy. Command economy, economic system in which the means of production are publicly owned and economic activity is controlled by a central authority that assigns quantitative production goals and allots raw materials to productive enterprises. command economy synonyms, command economy pronunciation, command economy translation, English dictionary definition of command economy. Command economy is a system under which the government controls everything the demand and the supply of the goods and services are owned and controlled by … n. An economy that is planned and controlled by a central administration, as in the former Soviet Union. traditional economy. command economy-An economic system in which the government controls a country's economy. Term command economy Definition: An economy in which the government uses its coercive powers (such as command and control) to answer the three questions of allocation.This is the real world version of the idealized theoretical pure command economy. Most economic activity in countries around the world exists on a spectrum that ranges from a pure free market economy Market Economy Market economy is defined as a system where the production of goods and services are set according to the changing desires and abilities of to an extreme command economy. The command economy is a type of system where the … Synonym Discussion of command. Definition of Command Economy Examples. 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