Final answer:
Another term for command and control is centralized control, which is a regulatory style where the government centrally plans and controls the economy or a sector, as opposed to market-based approaches.
Step-by-step explanation:
Another term for command and control is centralized control. This term denotes an economic system or regulatory style where the central government has the primary authority over planning and controlling the economy or a particular sector. Command and control policies are contrasted with market-based approaches, where decisions are guided by individual economic agents and market forces rather than a central authority.
In the context of economic systems, communism is an example of command or planned economies, where the government directly owns and manages the means of production and sets prices for goods and services. These command and control systems directly specify the outcomes they wish to achieve, which can include regulations affecting all producers.
However, economists often note three problems with command-and-control regulation: the inflexibility to adapt to individual circumstances, the potential for inefficiency, and the costly nature of enforcing compliance. These challenges make command and control a less favored option compared to more adaptive and efficient market-based policies.