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A command economy is characterized by government control over economic decisions, while a market economy relies on private ownership and decentralized decision-making processes.
In a command economy, the government largely determines what products get produced, who gets them, and how the economy grows. This economic system involves government ownership of resources and central planning of production decisions.
In contrast, in a market economy, individuals and firms own resources and make decisions about production through decentralized processes driven by private property rights.
Decisions about what to produce and how are key factors that differentiate between command and market economies, impacting who benefits from the goods and services produced.
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