Command Economic System
Definition
A command economic system is an economic system where the government has complete control over the allocation of resources and production decisions.
Related terms
Market Economic System: An economic system where individuals and businesses make production and consumption decisions based on supply and demand.
Planned Economy: Another term for a command economic system, where central planning authorities determine resource allocation.
Price Controls: Government regulations that set maximum or minimum prices for goods or services.
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Practice Questions (1)
What is one of the trade-offs involved in a command economic system?
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About Us
About Fiveable
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Privacy Policy
CCPA Privacy Policy
Resources
Cram Mode
AP Score Calculators
Study Guides
Practice Quizzes
Glossary
Cram Events
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Crisis Text Line
Help Center
© 2024 Fiveable Inc. All rights reserved.
AP® and SAT® are trademarks registered by the College Board, which is not affiliated with, and does not endorse this website.