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AP Microeconomics
A command economy is an economic system in which the government has complete control over the production and distribution of goods and services.
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Market Economy: An economic system in which individuals and businesses make most of the decisions regarding production and consumption.
Planned Economy: An economic system in which a central authority makes all decisions about production, consumption, and resource allocation.
Central Planning: The process by which a central authority determines how resources should be allocated in an economy.