What are the main features of a command market economy?

The main features of a command market economy are:

1. Centralized planning: In a command market economy, the government or a central authority makes all the economic decisions, including what goods and services to produce, how much to produce, and how they should be distributed.

2. State ownership: The government owns and controls the means of production, such as factories, land, and resources. Private ownership is limited, and the state often controls major industries and sectors of the economy.

3. Lack of competition: In a command market economy, there is limited or no competition as the government controls the production and distribution of goods and services. Prices are often set by the government, and there is little room for market forces to determine prices or allocate resources efficiently.

4. Limited consumer choice: Consumers have limited options as the government decides what goods and services are produced and made available in the market. There is often a lack of variety and innovation in products and services.

5. Income equality: Command market economies often aim to achieve income equality by redistributing wealth and resources. The government may implement policies to ensure that basic needs are met for all citizens, but this can also lead to a lack of incentives for individuals to work harder or be entrepreneurial.

6. Lack of individual freedom: Individuals have limited economic freedom and are restricted in their ability to make economic decisions. The government controls most aspects of the economy, including employment, wages, and investment decisions.

It is important to note that command market economies are also known as planned economies or centrally planned economies.