Name the 2 types of planned economies ad explain the difference between them
1. Command economy: In a command economy, the government controls all economic activities and makes centralized decisions on production, distribution, and resource allocation. The government owns the means of production, sets prices, and determines what goods and services will be produced.
2. Mixed economy: A mixed economy combines elements of both a market economy and a command economy. In a mixed economy, the government plays a role in regulating and controlling certain aspects of the economy, such as setting minimum wages, providing social services, and regulating industries deemed to be essential for public welfare. However, the majority of economic activities are left to the free market, allowing for competition and individual entrepreneurship to drive the economy.