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Command or Planned Economy
A Command or Planned Economy is an economic system in which the means of production are owned and controlled by a central government. Through central economic planning, a central government determines which products will be produced, in what amount, at what costs, and sold at a price.
The former U.S.S.R., Cuba, and Venezuela (see Communism and Socialism) are examples of governments that operate based on a command or planned economy.
A Command or Planned Economy is the opposite of a Market Economy or Capitalism.
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