How does socialist government with command economy manage its economy

The socialist government with command economics manages its economic by controlling factories and other forms of production.

A command economic can be defined as a system in which the government determines the goods to be produced, the number of goods to be produced and the cost at which the goods should be sold.

In a command economy, incomes and investments are also determined by the government. and one of the major indices of any communist society is a command economy.

The list below is some of the examples of countries with a command economy

A command economy is also known as a planned economy. The principle of a planned economy is that the government in in charge of production.

Also, in a command economy, the government exercise power on matters concerning national priorities.

Some of the priorities that are set out by government officials in a command economy include

Some of the disadvantages of a command economy include

LEARN MORE:

KEYWORDS:

answer( isp );

answer(eu) is the correct answer;