What are some differences between a command economy and a market economy?
What will be an ideal response?
ANS:
Under a market economy, the decision of what to produce, how much to produce, and who gets what are made by free market forces and competition. Prices and wages are also determined by market forces. In a command economy, all these decisions, including prices, are decided by the state.
Economics
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A local restaurant has prepared a new recipe for its lunch menu. Which form of nonprice competition is this?
(A) Physical characteristics (B) Location (C) Image (D) Service level
Economics
The term "bottleneck" refers to
a. when increasing amounts of variable inputs must share a fixed input. b. "fixity" of some factor of production c. None of the above d. Both a and b
Economics