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I believe the term is "Command Economy". This type of economy is where the state/Government has a very large role in the day to day lives of people, essentially controlling the economy in terms of production, working, etc. It is kind of a communistic type of Government. The purpose behind a Command Economy is that every individual is looked after. This is different than a "Free-Market Economy", in which the Government plays a smaller role in the day to day lives of individuals. Individuals are permitted for example to sell things for what price they want, and they are allowed to buy whatever they want and how many they want. Somebody may own ten pairs of shoes in a Free-Market Economy while it is lessl likely for something like that to occur in a Command Economy.
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What government owns and operates the factors of production?
Command
What is it called when a government dictates all aspects of production?
When the government controls everything, It is called Command/Communism
What is an economy where government owns all production and industry?
Command Economy.
When the government controls everything it is called?
When the government controls everything, It is called Command/Communism
Someone with the power to run a business or a government is called what?
Someone with the power to command a government or business is called a chief executive. It is important to have someone responsible for difficult decisions.
