IDNLearn.com: Your one-stop platform for getting reliable answers to any question. Discover in-depth answers to your questions from our community of experienced professionals.

What is the main difference between a market and a command economy?

Sagot :

Answer:

Market economies utilize private ownership as the means of production and voluntary exchanges/contracts. In a command economy, governments own the factors of production such as land, capital, and resources. Most nations operate largely as a command or market economy but all include aspects of the other.