Comparing Use your notes to describe the differences

between a market economy and a command economy.

Answer: A market economy is based off of privately owned organizations and companies that produce products (by means of voluntary exchanges and contracts) and services that make up the economy, while command economies production factors owned and run by the government (such as capital, land, and resources) Most governments are a blend of the two.

Market economies utilize private ownership of the means of production and voluntary exchanges/contracts. In a command economy, governments own the factors of production such as land, capital, and resources. In reality, all economies blend aspects of the two.