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- Explain the term command economy
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Card 2 / 19: Explain the term command economy.
Answer:
The term refers to the fact that under (State) socialism, a group of a few (or one) political authorities controls all productive resources, including labor.
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Dr.Robert MurphyAssociated Scholar
Mises Institute
USA
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Attribution:
Dr. Robert P. Murphy, Lessons for the Young Economist. (Mises Institute), http://mises.org/document/6215/Lessons-for-the-Young-Economist (Accessed 04 April, 2014). License: Creative Commons BY
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