command economy

(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)

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Usage Notes:

  • 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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