Question

Difference between centrally planned market and mixed economy

Answer 1

A mixed economy is asystem that embraces elements of centrally plannedand free market systems. ... However, to mitigate the negative influence that a puremarket economy has on fairness and distribution, the government strongly influences the economythrough direct intervention in a mixed economy

Answer 2

Answer:

Explanation:In a centerally planned economy the decisions relating to 'what, how and for whom to produce' are taken with a view of maximising social welfare while in a Mixed Economy are neither left on market forces nor on centeral authority entirely. Both play a role market forces to maximise profit while centeral authority on social welfare.

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