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31 July, 12:32

Why have market economies been adopted in many countries throughout the world that formerly had command economies?

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  1. 31 July, 12:39
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    Answer: Because they give the business owners more freedom to produce.

    Explanation:

    Command economies are government regulated economies. The decisions of production are taken by the government and thus, it gives less freedom to the business owners. While, market economies are driven by the forces of supply and demand. Forces of demand and supply determine what to produce, how to produce and for whom to produce. This gives more freedom to business owners.

    Thus, because market economies give the business owners more freedom to produce they have been adopted in many countries throughout the world that formerly had command economies
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