command economy

listen to the pronunciation of command economy
English - Turkish
(Ticaret) sosyalist ekonomi
(Ticaret) merkezi planlı ekonomi
English - English
Alternative name of planned economy
In a command economy, business activities and the use of resources are decided by the government, and not by market forces. the Czech Republic's transition from a command economy to a market system. An economy that is planned and controlled by a central administration, as in the former Soviet Union. Economic system in which the means of production are publicly owned and economic activity is controlled by a central authority. Central planners determine the assortment of goods to be produced, allocate raw materials, fix quotas for each enterprise, and set prices. Most communist countries have had command economies; capitalist countries may also adopt such a system during national emergencies (e.g., wartime) in order to mobilize resources quickly. See also capitalism; communism
command economy

    Hyphenation

    com·mand E·con·o·my

    Turkish pronunciation

    kımänd ikänımi

    Pronunciation

    /kəˈmand ēˈkänəmē/ /kəˈmænd iːˈkɑːnəmiː/

    Etymology

    [ k&-'mand ] (verb.) 14th century. Middle English comanden, from Middle French comander, from Vulgar Latin commandare, alteration of Latin commendare to commit to one's charge; more at COMMEND.
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