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A market economy promotes efficiency and innovation by allowing supply and demand to dictate prices and resource allocation, leading to more responsive and adaptable economic conditions. In contrast, a command economy often suffers from bureaucratic inefficiencies and a lack of incentives for productivity, as decisions are centrally planned. This flexibility in a market economy encourages competition, which can drive technological advancements and improve consumer choices. Overall, the decentralized nature of a market economy typically results in better alignment of production with consumer needs.
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How does a command economy differ from a market economy?
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.
Why do most economies in the world today operate somewhere between a market economy and command economy?
Most economies in the world today operate between a market economy and a command economy because,clinging to command economy in the present world economic scenario will make you live like a frog in the well. The inherent benefits of a market economy are you allow the domestic industries to stand on their own foot, licence raj is abolished. The benefits of price reduction as per world market rates can be offered for the welfare of the country men. Those who are not willing to totally switch over to market economy, operate somewhere between the two.
Why do most economies in the world today operate somewhere between a market economy and a command economy?
Most economies in the world today operate between a market economy and a command economy because,clinging to command economy in the present world economic scenario will make you live like a frog in the well. The inherent benefits of a market economy are you allow the domestic industries to stand on their own foot, licence raj is abolished. The benefits of price reduction as per world market rates can be offered for the welfare of the country men. Those who are not willing to totally switch over to market economy, operate somewhere between the two.
What is an antonym of command economy?
well here is an example. Tamica and Myracle have acontrol over an economy that means an antonym for command economy is dosent have contro
What are the advantages to flying in business class over economy?
"Advantage to flying business class over economy is as follows:
How does a command economy differ from a market economy?
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.
How has economy changed over time?
Historically, this area's economy was based on agriculture. The Soviets created a command economy. Since the end of the Soviet Union, this region is trying to develop a market economy.
Why do most economies in the world today operate somewhere between a market economy and command economy?
Most economies in the world today operate between a market economy and a command economy because,clinging to command economy in the present world economic scenario will make you live like a frog in the well. The inherent benefits of a market economy are you allow the domestic industries to stand on their own foot, licence raj is abolished. The benefits of price reduction as per world market rates can be offered for the welfare of the country men. Those who are not willing to totally switch over to market economy, operate somewhere between the two.
Why do most economies in the world today operate in between a market economy and a command economy?
Most economies in the world today operate between a market economy and a command economy because,clinging to command economy in the present world economic scenario will make you live like a frog in the well. The inherent benefits of a market economy are you allow the domestic industries to stand on their own foot, licence raj is abolished. The benefits of price reduction as per world market rates can be offered for the welfare of the country men. Those who are not willing to totally switch over to market economy, operate somewhere between the two.
Why do most economies in the world today operate somewhere between a market economy and a command economy?
Most economies in the world today operate between a market economy and a command economy because,clinging to command economy in the present world economic scenario will make you live like a frog in the well. The inherent benefits of a market economy are you allow the domestic industries to stand on their own foot, licence raj is abolished. The benefits of price reduction as per world market rates can be offered for the welfare of the country men. Those who are not willing to totally switch over to market economy, operate somewhere between the two.
Why do most economies in the world today operate somewhere in between a market and a command economy?
Most economies in the world today operate between a market economy and a command economy because,clinging to command economy in the present world economic scenario will make you live like a frog in the well. The inherent benefits of a market economy are you allow the domestic industries to stand on their own foot, licence raj is abolished. The benefits of price reduction as per world market rates can be offered for the welfare of the country men. Those who are not willing to totally switch over to market economy, operate somewhere between the two.
Is cameroon a market command or traditional economy?
Cameroon has a mixed economy that incorporates elements of both market and traditional systems. While it has a growing market sector characterized by agriculture, manufacturing, and services, traditional practices still play a significant role, especially in rural areas where subsistence farming and local trade are prevalent. The government also exerts some control over key sectors, indicating a blend of market command and traditional economic elements. Overall, Cameroon cannot be strictly categorized as either a market command or a traditional economy.
What is an antonym of command economy?
well here is an example. Tamica and Myracle have acontrol over an economy that means an antonym for command economy is dosent have contro
What are the advantages to flying in business class over economy?
"Advantage to flying business class over economy is as follows:
What is a sentence with the words market economy?
In my opinion I prefer the free market economy.Because we live in a capitalistic democracy, I have grown accustomed to the market economy.I much prefer a market economy over a planned economy.
How has the economy changed over time?
Historically, this area's economy was based on agriculture. The Soviets created a command economy. Since the end of the Soviet Union, this region is trying to develop a market economy.
Does the democratic republic of the Congo have a command economy?
No, the Democratic Republic of the Congo (DRC) does not have a command economy. It operates primarily as a mixed economy, where both private enterprise and government influence exist. While the government has significant control over certain sectors, particularly in mining and natural resources, many aspects of the economy are driven by market forces and private businesses. However, challenges such as political instability and infrastructure issues affect economic development.
