A command economy might take the form of socialism or communism. In all three, the national economy, businesses, and resources are under the control of the state.
What Is a Command Economy?
- A command economy is a crucial component of a political system in which the degree of output that is permitted and the prices that may be paid for goods and services are set by a central governing body.
- The public owns most industries.
- The principal alternative to a command economy is a free market economy, where supply and demand determine prices and output.
- A communist political system includes a command economy, whereas capitalist countries have a free market.
- Government officials establish national economic priorities in a command economy, such as when and how to promote economic growth, how to share resources, and how to disperse the produce.
- This frequently takes the shape of a long-term plan.
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