The government has the right to own all land, buildings, and factories in a closed economy. command economy. mixed market economy. pure market economy( command economy)

The correct answer is (as you posted): Command economy

A command economy is characterized by a central government that makes all the economic decisions. This means that it (or a collective) owns the land and means of production. Contrary to the market economy, the laws of supply and demand are not important.

The way a command economy works is by creating a central economic plan. This plan sets economic and societal goals in determinate regions and sectors whithin a lapsus of time. The achieve these goals the government assigns the resources in the most efficient way possible using the capital, labor and natural resources. Other important characteristics are that the government is in control of monopolic businesses, controling prices and supplies, and at the same time it creates laws, regulations, and directives to enforce the central plan.

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