PURE COMMAND ECONOMY: An economy in which the government makes all allocation decisions and answers all three questions of allocation. There are no markets. Government does it all. This is a theoretical ideal or extreme that does not actually exist in the real world. As a theoretical ideal, though, it does provide a benchmark that can be used for comparison with real world economic systems. See also | economy | economic system | government | command economy | allocation | three questions of allocation | market | pure market economy | mixed economy | communism | socialism | capitalism |
