Question

How are Free Market and Command economies different?

Answer 1

Answer:

While a free-market economy is a market system whereby the pricing of goods and services is primarily determined by the sellers and buyers, and is hence based on demand and supply, a command economy is an economy whereby the market system is fully controlled by the government.

Explanation:

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Answer 2

Answer:

Free market is regulated by buyers and sellers while command economies are regulated by the government.

Explanation:

A free market economy is a system where supply and demand control, while the government has little interference. Contrary to a free market economy, a command economy is controlled fully by the government with no interference between buyers and sellers. The government controls everything from means of production to pricing and production decisions.