In centralized economic system everything in the economy is controlled by the government. In this type of economies market does not have any role to play. Production and consumption of goods are controlled by the government.
NO. In a traditional economic system, the government does not involve itself with transactions, primarily since the barter system makes it difficult for the government to monitor transactions.
The Communism Economic System
Command
an economic system in which the central government directs all major economic decisions
In centralized economic system everything in the economy is controlled by the government. In this type of economies market does not have any role to play. Production and consumption of goods are controlled by the government.
NO. In a traditional economic system, the government does not involve itself with transactions, primarily since the barter system makes it difficult for the government to monitor transactions.
The Communism Economic System
Government controlled economy or "planned economy" refers to " is the economic system in which decisions regarding production and investment are embodied in a plan formulated by a central authority, usually by a public body such as a government agency."
Command
an economic system in which the central government directs all major economic decisions
a socialist country
Mixed Economy: the government gets some of the revenue for public works civil service defense etc and the rest is non government controlled.
The basic economic question are answered by a group of government planners. This was all because of control.
Socialism
If you are talking about countries, then there are lots of countries that have a controlled economic system, such as Venezuela, China, and Russia. Some economies have more government control than other and none are completely government controlled, except N. Korea perhaps.
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