Write a paragraph that explains the diffences between a command economy and a market economy

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Piper Melendez

Social Studies

6 September, 05:24

Write a paragraph that explains the diffences between a command economy and a market economy

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Farrell · Answer 1

The primary differences lie in the division of labor or factors of production and the mechanisms that determine prices. The activity in a market economy is unplanned; it is not organized by any central authority but is determined by the supply and demand of goods and services.