In a command economy, the government controls the factors of production such as land, labor, and capital. The government determines what products will be produced and what prices will be set for them.

How a command economy compares to a free market economy Greg DePersio has 13+ years of professional experience in sales and SEO and 3+ years as a writer and editor. Robert Kelly is managing ...

Free enterprise and command economies are two opposing economic models that dictate the methods in which economic production and growth should occur within an economy. Free enterprise economies ...

Using Russia as a case study, help students examine the real-world struggles of converting from a command economy to a market economy. Begin by defining the terms "command economy" and "market ...

KellyFact checked by Yarilet Perez The country of North Korea, officially known as the Democratic People’s Republic of Korea (DPRK), has an isolated and tightly controlled command economy.