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In a market economy, resources are allocated to the production of goods and services on the basis of decisions made by individual businesses anticipating customer needs and desires. The communication link between producer and consumer can be direct.
In a command economy, resources are allocated to the production of goods and services on the basis of decisions made by government technocrats, usually based on directives from a centralized political body anticipating the needs, and possibly wants, of the nation and its citizenry. The communication link between producer and consumer is routed through and interpreted by technocrats, who are often employed by politicians that may or may not have been elected by the citizenry (consumers).
Wiki User
∙ 15y ago
Wiki User
∙ 12y agoMarket economy is where decisions about market activities are made up by individuals rather than government.
Command economy is for where decisions about market activities are made up by centrally planned government.
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What are the econimes market and command?
what are command economies
Why are command economies less efficient the market economies?
the competition in the market economies encourages both qyality and low prices.
Why are economies never purely market or command economies?
Neither purely market nor purely command economies can adequately answer the basic economic questions in every situation. -Plato
Which of these is a mixture of command and market economies?
capitalism
Is there a pure command and pure market economies?
no
What are the econimes market and command?
what are command economies
What are the three main types of economies?
Command, traditional, and market economies
Why are command economies less efficient the market economies?
the competition in the market economies encourages both qyality and low prices.
Why are economies never purely market or command economies?
Neither purely market nor purely command economies can adequately answer the basic economic questions in every situation. -Plato
Which of these is a mixture of command and market economies?
capitalism
Is there a pure command and pure market economies?
no
What is Difference between pure market and command economies?
In a market economy, resources are allocated to the production of goods and services on the basis of decisions made by individual businesses anticipating customer needs and desires. The communication
Why are command economies usually less efficient than market economies?
The competition in market economies encourages both quality and low prices.
Why are command economies usuall less efficient than market economies?
The competition in market economies encourages both quality and low prices.
Is a mixed economy the same as a market economy?
No. When we say "market economy," we likely mean to say a free market economy-an economy unfettered with government policy interventions. This is usually stated in opposition to a planned command economy-planned by government personnel. Neither of these extremes exist in the real world. World economies are mixed economies. The difference between countries is the degree to which they are mixed. Economies such as Cuba and the former Soviet Union tend toward the command economy whilst economies such as Hong Kong and Singapore are cited as the freest market economies.
How are market economies similar to command economies?
The similarities between command economy and market economy include the following: both have - producers, consumers, retailers, goods, services, prices, incomes, distribution, money, labor, capital, technology,
Who was one of the first proponents of employing market economies instead of command economies?
Adam Smith
