Command economy is the economy where all economic decisions and details are planned by an authority assigned by the central government. This is the opposite of free market economy. Just like with free market economy, there are advantages and disadvantages of command economy. These decisions are implemented through directives, laws and regulations. Supply and demand no longer dictate the production and hiring of businesses and entrepreneurship is discouraged. The advantages and disadvantages of command economy are listed below. You can also read our article on market economy here.
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