Command Economy

The term command economy refers to an economy in which the government dictates the production, supply, and prices of goods and services. In a command economy, the state owns and controls all resources, rather than allowing public supply and demand to influence the nation’s economy. In a command economy (also known as a centrally planned economy), the central government controls all major aspects of a nation's economy and production. The government, rather than the traditional free market economy laws of supply and demand, mandates which goods.

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Suppose ABC, a toy manufacturer, is in a mixed economic system. The prices and production levels are subject to the discretion of the company and driven by the law of supply and demand. However, company ABC has been using too many of the natural resources in the state where it is located.

The government is able to intervene because excesses use of vital resources goes against the good of the public. On the other hand, in a command economy, there is no company producing toys—the government would control the and pricing of the toys.