What Is the Difference Between a Command Economy and a Market

question 23

Short Answer

What is the difference between a command economy and a market economy?
A command economy is found only in communist countries, while a market economy is found only in capitalist countries.
A command economy is more efficient than a market economy.
A market economy gives greater "life satisfaction" to people.
A command economy relies on centralized government control of the factors of production, while in a market economy supply and demand determine production and allocation decisions.
There really are no significant differences between a command economy and a market economy.

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Definitions:

Strategic Marketing Process

A method by which an organization allocates its marketing mix resources to reach its target markets and achieve competitive advantage.

Marketing Plan

A comprehensive document or blueprint outlining an organization's advertising and marketing efforts over a specific period of time.

Organizational Strategies

Comprehensive plans developed by businesses to achieve specific goals and to guide the company towards long-term growth and success.

Strategic Business Units

Distinct parts of a company that operate as separate entities, each with its own mission, strategy, and competitors.