Explain the difference between a mixed economy and a command economy. Give an example of an East Asian country that has a mixed economy and one that operates under a command economy. Make sure to write your response in complete sentences.
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In a command economy, the system is controlled by the government. A mixed economy is partly run by the government and partly as a free market economy, which is an economic system that includes no government intervention and is mainly driven by the law of supply and demand.
Example of an East Asian country that has a mixed economy: Thailand.
Examples of an East Asian country that has a command economy: North Korea
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