. Distinguish between a centrally planned economy and a market economy
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A centrally planned economy is the one in which economic activities (production, consumption and exchange) are governed by the government. Market economy is the one in which economic activities (production, consumption and exchange) are governed by the market forces of supply and demand.
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A centrally planned economy is the one in which economic activities.(production)are governed by the government.
Market economy is the one in which economic activities (production, consumption and exchange) are governed by the market forces of supply and demand
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