in a pure one only private firms and individuals but in reallity both govt and private
individuals who have a say
Consumers
The factors and resources that the government owns in a centrally planned economy include decisions, pricing, and the entire market.
government
The government and the kids of the w
communism households
Consumers
The factors and resources that the government owns in a centrally planned economy include decisions, pricing, and the entire market.
government
The government and the kids of the w
communism households
Market Economy: Resources are publicly owned, consumers decide how resources are allocated. Command Economy: Resources are publicly owned, government decides how resources are allocated.
factors of production by govt. , by society and privetly
factors of production by govt. , by society and privetly
Individuals own the factors of production and make economic decisions in a market economy. This is in contrast to a command economy, where the government makes those decisions.
A market economy is an economy in which decisions regarding investment, production and distribution are based on market determined supply and demand. Prices of goods and services are determined in a free priced system
In a mixed economy the owner owns a business.
In a mixed economy the owner owns a business.