Major Differences Between A Command Economy And A Market Economy

1538 Words7 Pages
1.1 Market Economies There are many major differences between a command economy and a market economy. To start out with, a command economy is planned, where the government decides the main economic decisions. Next, a market economy is when individuals are free to make their own decisions as they buy and sell products. So between both economies, the command economy is planned and the market economy is free. In conclusion a command economy and a market economy, are two completely different things. I believe that the “Private Enterprise” is the most important. To begin with, individuals have rights to own their own business. However, the individuals might have their freedom but they also have to follow the laws. It, also let’s the business owners produce goods with limited government decisions or directions. In conclusion, “Private Enterprise” let’s individuals work, how they would like, while maintaining the laws. There are many reasons to why the market economy has been adopted in many countries that formerly had a command economy. One reason is that the market economy has the freedom to pick what type of business they would like to run. With a command economy the government chooses what type of business they get. So, the market economy has more freedom to run their business the way they like, while following the laws. In conclusion the countries that formerly had a command economy didn’t have as much freedom as the market economy does. There are many changes I would find,
Open Document