Question

What is the key difference between command and market economies? Group of answer choices A market economy places a strong emphasis on a small group holding responsibility for planning production. A command economy considers private property essential to protect, while a market economy places no value on private property. The basic economic questions are unaddressed in a market economy. Households answer the basic economic questions in a market economy, while a group of leaders answer them in a command economy. A command economy depends much more on the principle of the invisible hand.

Answer 1

The key difference between command and market economies is that: Households answer the basic economic questions in a market economy, while a group of leaders answer them in a command economy.

Types of economy.

Generally, there are five (5) main types of economy and these include the following;

1. Mixed economy.
2. Command economy.
3. Traditional economy.
4. Pure capitalism economy.
5. Underground economy (black market).

What is a market economy?

A market economy is also referred to as free-enterprise system or free market and it can be defined as a type of economy in which prices, products and services are being determined by the market rather than the government.

This ultimately implies that, a market economy is devoid (free) of government regulations, interference or control because the market is completely driven by demand and supply of goods and services.

Read more on market economy here: brainly.com/question/12653685

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