Question
How are market economies different from command economies?
Responses
In market economies, traditional ways of producing goods and services are honored and continued; in command economies, private individuals and businesses encourage innovation in order to reach maximum efficiency.
In market economies, traditional ways of producing goods and services are honored and continued; in command economies, private individuals and businesses encourage innovation in order to reach maximum efficiency.
In market economies, labor controls the means of production to prevent the wealthy from exploiting the poor; in command economies, the richest members of society have the most influence over economic decisions.
In market economies, labor controls the means of production to prevent the wealthy from exploiting the poor; in command economies, the richest members of society have the most influence over economic decisions.
In market economies, the needs of all individuals are met, but most of their wants are not provided for; in command economies, goods and services are produced to meet wants, but people must meet their own needs.
In market economies, the needs of all individuals are met, but most of their wants are not provided for; in command economies, goods and services are produced to meet wants, but people must meet their own needs.
In market economies, individuals and businesses own resources and make decisions in order to increase profits; in command economies, governments and government planners control resources and make decisions.
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