Question

Compare and contrast the following in detail
• Command Economy
• Market Economy
• Mixed Economy

Answer 1

First comes the command economy, the command economy is lead by the government but the market economy is lead by a private owner.

Command economy is planned centrally where as the market economy is decided by the market itself .

Prices in command economy is set by the government itself the wages in market is set by the market according to marketing strategies and cost.

Mixed economy is the combination of both command and market economy.