Economy

A command economy is a system where the government controls the production, distribution, and pricing of goods and services instead of letting supply and demand shape the market. One way this system affects the lives of private citizens is by limiting their economic freedom — individuals have little to no control over their jobs, what…

A closed economy is one that operates entirely within its own borders—no imports, no exports, and no reliance on other countries for goods, services, or capital. So, when we ask what restriction would the government impose in a closed economy, the most accurate answer is: the government would prohibit trade with other nations. This restriction…