difference between centraly planed and market economy
Answers
Centrally Planned Economy These economies are also called command economies because everyone must follow specific guidelines set up by the controlling authority. ... Since most peoples' needs are provided for in a centrally planned economy, compensation is primarily morally based. Most assets are owned by the state.
Difference between centrally planed and market economy:
The centrally planned economy and the market economy both are two different types of economy with quite varied spectrum of benefits. Centrally planned economy is a special type of economy where the central government decides for the people living in a country while in the Market planned economy it is completely dependent on the market forces and it shapes up the size and possible outcomes of the economy.
In centrally planned economy the prime benefits of the scheme is thought for the people and the whole scheme is for the people but in Market planned economy it is designed for self benefits only.