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In a command economy the government decides how resources are used and what goods and service are produced. In a market individuals make the decisions about how resources are used and what gods and services to provide.
What else can I help you with?
Which of these is a correct description of one of the ways in which a command economy differs from a market economy?
In a command economy, individuals have less economic freedom.
What are the three types of economy?
Command economy, market economy, and traditional economy. The United States of America is a Market economy.
Is Bahrains economy command or market?
a market economy
Is Greece market or command economy?
Market economy
What do you call an economy that is both partly command and market?
When an economy is partly command and partly market, is called a mixed economy.
Does Serbia have a traditional command or market economy?
It has market economy
Is turkey a market economy or command economy?
mixed market
Does Belgium have a command or market economy?
Belgium has a market economy.
Does Singapore have a command or free market economy?
A market economy
Is Haiti a free market economy or a command economy?
Yes, Haiti is a command economy. A command economy is when the government controls the economy and you are guaranteed a job. However, with a command economy, you cannot open your own business.
How a command economy differs from the other economic systems?
A command economy differs from other economic systems primarily in how decisions about production and resource allocation are made. In a command economy, the government centrally plans and controls these decisions, determining what goods are produced, how much, and at what prices. In contrast, market economies rely on supply and demand to guide these decisions, while mixed economies combine elements of both command and market systems, allowing for some government intervention alongside market forces. This central control in command economies often leads to inefficiencies and a lack of consumer choice compared to more market-driven systems.
What is an economy that is both partly command and partly market?
When an economy is partly command and partly market, is called a mixed economy.
