In a mixed command economy, both the individual and the government regulate production and distribution. But in a market economy, the individuals have more freedom in any judgement.
What is the difference between a mixed command and market economy?
- The system is governed by the government in a command economy.
- A mixed command economy is controlled by both the government and the market in equal measure.
- While the majority of countries primarily have a command or market economy, they all also have elements of the other.
- A nation's economic system and political system are closely intertwined since a command economy necessitates a sizable administrative state.
- A market economy, has no government intervention and is primarily governed by the law of supply and demand.
- A free market economy has unplanned activity.
- It is not governed by a single entity, but rather by the supply and demand for products and services.
- Private ownership and voluntary exchanges/contracts are used in market economies as the means of production.
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