What is the difference between a command economy and a market economy?
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English 
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In a command economy, the government holds the reins, deciding what to produce, how much, and for whom. It's like a centrally directed play where the script is written and directed by the government. On the flip side, in a market economy, it's a bit like a bustling bazaar. Businesses and consumers iRead more
In a command economy, the government holds the reins, deciding what to produce, how much, and for whom. It’s like a centrally directed play where the script is written and directed by the government.
On the flip side, in a market economy, it’s a bit like a bustling bazaar. Businesses and consumers interact freely, and prices are determined by supply and demand, not a central authority.
So, in a nutshell, command economy is like a government-guided show, while a market economy is more of a free-flowing marketplace.
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