In 1-2 sentences, compare and contrast the freedom of consumers and producers in free market and command economies.

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Figaro

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7 March, 01:20

In 1-2 sentences, compare and contrast the freedom of consumers and producers in free market and command economies.

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Answers (2)

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Destiny · Answer 1

Consumers and producers in a free market economy are "free" to produce and consume what ever they want, and demand for products dictates production--whereas in a command economy, producers are told how much to produce by the government.

Maddox Conrad · Answer 2

Answer

Consumers and producers in a free market economy are "free" to produce and consume what ever they want, and demand for products dictates production--whereas in a command economy, producers are told how much to produce by the government.

Explanation

In a free market economy is where the individuals who are the producers, make their own decisions on what products to produce and sell. In this type of market, the government does not intervene. The advantage of this system is that producers have full control to produce products of their choice and they are more multivated to work and produce goods to earn money. This also boosts the economy growth by allowing the total control to the producers who produce goods according to the demand of the market.

Command economy is where the government takes full control of the economic system and it controls the country's economy. It makes all economic decisions and owns all the means of production.