Question

Explain the difference between a mixed economy and a command economy. Give an example of an East Asian country that has a mixed economy and one that operates under a command economy. Make sure to write your response in complete sentences.

Answer 1

Answer:

The difference between a mixed economy and a command economy is the amount of governmental control in economic activities. In a mixed economy, government control is usually minimal. Certain government regulations are in place, but the economy continues to run without a great deal of interference. In a command economy, the government has total control of all economic activities. Examples of countries that have a mixed economy are South Korea and Japan. The most extreme example of a country under a command economy is North Korea. China used to have many regulations and would have been considered a command economy. However, many of the regulations have been removed recently. Although China is a communist country with more regulations than most, it has a mixed economy.

Answer 2

A mixed economy has both business ran by the government and free market businesses. A mixed economy has factors of partly controlled government business, and part supply and demand. most economies today are mixed. A command economy is completely government controlled. Iran and China are great examples of command economies.
you may use all that i have said.