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What does command economics mean?

Pick the best words! Check out your bona fides and avoid any faux pas. The meaning of COMMAND ECONOMY is an economic system in which activity is controlled by a central authority and the means of production are publicly owned.

What is an example of a command economy?

The island is one of the few remaining examples of command economy. David Silverman / Getty Images In a command economy (also known as a centrally planned economy), the central government controls all major aspects of a nation's economy and production.

What are the characteristics of a command economy?

The key characteristics of a command economy are as follows: Centralized Planning ➝ The central government is self-imposed with the right to plan and direct most— if not all—economic activities from a centralized location.

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