What's the difference between a market economy and a command economy

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Business

Philip Carson

6 December, 04:27

What's the difference between a market economy and a command economy

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Bryanna Merritt · Answer 1

The activity in a market economy is unplanned and determined by the supply and demand of goods and services. The main example of a market economy is capitalism. Whereas, a command economy is organised by a centralised government which owns most, of not all, businesses. The main example of a command economy is communism.