What is the difference between a planned economy and a market economy?
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In a planned economy, the government makes decisions about what to produce, how much to produce, and how resources are allocated. It's like a carefully organized group project where everyone follows a set plan. On the flip side, in a market economy, individuals and businesses make these decisions baRead more
In a planned economy, the government makes decisions about what to produce, how much to produce, and how resources are allocated. It’s like a carefully organized group project where everyone follows a set plan.
On the flip side, in a market economy, individuals and businesses make these decisions based on what people want to buy. It’s more like a bustling marketplace where supply and demand shape what gets produced and consumed.
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