A centrally planned economy is characterized as an economic system in which the government dictates and regulates all areas of economic activity, such as trade, labor, distribution, production and health care. A centrall... More »

A planned or command economy is one in which major functions, such as production and distribution of goods, are controlled by the government. In a planned economy, the government owns some or all production facilities an... More »

The main characteristics of command economies include public ownership of production, governmental regulations on businesses and industries and government-established production goals. Command economies, also called cent... More »

The primary advantage of a centrally planned economy is that it allows the government to guide economic growth. Central planning also allow the government to direct resources toward particular areas. It can lead to a str... More »

A planned or command economy is one in which major functions, such as production and distribution of goods, are controlled by the government. In a planned economy, the government owns some or all production facilities an... More »

In a Communist economy, the government owns most of the means of production and will determine the allocation and provision of resources, products and services. In practice, this has led to the diversion of economic reso... More »

A private enterprise economy is an economic system where the means of production and distribution are owned by the private sector, which carries business for profit-making reasons. This economic system is driven by innov... More »