How is a market economy different from a command economy?
Responses
A market economy is one in which producers use traditional methods to make goods, while a command economy is one in which innovation and change are more common.
A market economy is one in which producers use traditional methods to make goods, while a command economy is one in which innovation and change are more common.
Producers benefit the most from a market economy, while consumers benefit the most from a command economy.
Producers benefit the most from a market economy, while consumers benefit the most from a command economy.
The interaction of supply and demand sets prices in a market economy, while the government sets prices in a command economy.
The interaction of supply and demand sets prices in a market economy, while the government sets prices in a command economy.
Natural resources are most important in a market economy, while labor and capital are most important in a command economy.