Question

How does a command economy differ from a mixed market economy?

Answer 1

The correct answer is A.In a command economy, citizens have fewer property rights. In a mixed market economy, citizens have more property rights.

A command economy is one in which the government has almost complete control of property, businesses, and the economy in general. In this type of system, there is a government planning board that makes economic decisions for citizens and divides resources equally amongst its citizens.

In a mixed market economy, the government has some influence in the economy but individuals have more property rights. For example, individuals or businesses have the ability to own land and do what they please with this land, as long as it does not break any laws.

Answer 2

The correct option is (A) in a command economy, citizens have fewer property rights. In a mixed market economy, citizens have more property rights.

Further explanation:

The primary differences between a command economy and mixed economy lie in the factors of production, or division of labor and also mechanism that determines prices. The activities which take place in the market economy are unplanned whereas the activities which take place in a command economy are organized by a government.

MARKET ECONOMY vs. COMMAND ECONOMY

The two labor factors of the market economy are voluntary exchanges/contracts and private ownership of the factors or means of production. Capitalism is one of the most significant components of a mixed economy. In capitalism, businesses and individuals own the resources and they are there is a free exchange. The England, the United States, and Japan are examples of a market economy.

In a command economy, the factors or means of production such as capital, land, and resources are owned by the government.  In this, the government determines where, when and how much production takes place. The example of a command economy is the former Soviet Union.

Learn more:

1. How can an explanation make it easier to address economic problems in the future?

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2. What is one characteristic of a command economy?

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Answer details:

Grade: High School

Subject: Social Studies

Topic: Mixed Economy vs Command Economy

Keywords: command economy, mixed economy, factors of production, government, free exchange, capitalism, division of labor, private ownership