COMMAND ECONOMY
Command economy (also known as planned ), is a system where the government,rather than the free market,decides what goods should be produced,how much should be produced at the price at which the goods will be offered for sale.Command economy is a key feature in Communism.
China, Cuba, North Korea and the former Soviet Union are examples of countries that have command economies.
Advantages
1. there will be less poverty/ crime
2. the government allocates the resources
Disadvantages
1. there is less individual freedom and choice
2. there is satisfaction in terms of needs and wants
Links
Cuba country profile - BBC News
North Korea country profile - BBC News
Vietnam country profile - BBC News
China, Cuba, North Korea and the former Soviet Union are examples of countries that have command economies.
Advantages
1. there will be less poverty/ crime
2. the government allocates the resources
Disadvantages
1. there is less individual freedom and choice
2. there is satisfaction in terms of needs and wants
Links
Cuba country profile - BBC News
North Korea country profile - BBC News
Vietnam country profile - BBC News