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In a command economy, the government is in total control of the economy it is in charge of. There are active black markets, minimal property rights, the government owns significant businesses and industries, and wages and prices are regulated by the government.
A command economy's key element is governmental control. Instead of letting market forces decide the creation of goods and services, the government sets economic objectives and controls pricing and production. A command economy is a type of economic system where the government owns the means of production and controls economic activity through the allocation of raw materials to profitable enterprises and the setting of quantitative production targets.
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In a command economy, the government is in total control of the economy it is in charge of. There are active black markets, minimal property rights.
The government owns significant businesses and industries, and wages and prices are regulated by the government. A command economy's key element is governmental control. Instead of letting market forces decide the creation of goods and services, the government sets economic objectives and controls pricing and production. A command economy is a type of economic system where the government owns the means of production and controls economic activity through the allocation of raw materials to profitable enterprises and the setting of quantitative production targets.
Learn more about command economy here
brainly.com/question/4379731
#SPJ4
