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.
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.
