Question

How we can compare the contrast market economy and common economy

Answer 1

Answer:

Market economies utilize private ownership as the means of production and voluntary exchanges/contracts. In a command economy, governments own the factors of production such as land, capital, and resources. Most nations operate largely as a command or market economy but all include aspects of the other.

Explanation:

Answer 2

Answer:

Market economies utilize private ownership as the means of production and voluntary exchanges/contracts.

In a command economy, governments own the factors of production such as land, capital, and resources.

Most nations operate largely as a command or market economy but all include aspects of the other.

The type of economy also influences the political and social landscape of a nation, with command economies being more authoritarian and market economies allowing for more personal freedoms.

Explanation: