a socialist economic system in which production and distribution of goods and services are controlled by the government and industry is mostly publicly owned.
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Question 1 of 9
You may have read the word "simmer" in a recipe or two, but what does it really mean?
Compare market economy.
Origin of command economy
First recorded in 1940–45
Words nearby command economy
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2020
British Dictionary definitions for command economy
an economy in which business activities and the allocation of resources are determined by government order rather than market forcesAlso called: planned economy
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012