(noun) An economy in which most goods and services are primarily produced, distributed, and exchanged through a central authority such as a government and not subject to the laws of supply and demand.
Audio Pronunciation: (com·mand e·con·o·my)
Download Audio Pronunciation: command economy.mp3
- Plural: command economies
- The opposite of a command economy is a market economy and the combination of the two is a mixed economy.
- Also called:
- controlled economy
- planned economy
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