What is the difference between a market economy and a command economy whether or not there is a central planner?

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07-12-2022
Business

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What is the difference between a market economy and a command economy whether or not there is a central planner?

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contexto38 contexto38 · Answer 1 · 2022-12-10T04:43:09+01:00

One difference between a market economy and a command economy is that the determination of the demand and supply is completely different.

A market economy can be referred to or considered as a type of economy wherein the determination of the factors of production and operations are as per the prevailing formidable forces of supply as well as demand. A command economy, on the other hand, determines its factors of production without the forces of demand and supply, and is in the hands of the government authorities.

Learn more about a command economy here:

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