Review:
Command Economy
overall review score: 2.5
⭐⭐⭐
score is between 0 and 5
A command economy is a type of economic system where decisions on production, investment, and distribution are centrally planned by a government.
Key Features
- Centralized planning
- Government control over resources
- Lack of market competition
Pros
- Potential for equality in distribution of resources
- Ability to prioritize national goals over individual interests
Cons
- Lack of efficiency due to central planning
- Limited consumer choice and innovation