7. Describe the difference between a command, a market, and a mixed economy. (3 points)

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A command economy is an economy that is controlled by the government or the state. The government dictates what will be produced, how much of it will be produced, and the method by which it will be produced.

This is the type of economy found in socialist and communist countries, where the government has much more power to plan the economy to improve it for the citizens of the country. The means of production are collectively owned.

This economy can be found in countries such as China, Vietnam, Cuba, Venezuela, and Laos.

A market economy is one that is controlled by the customers and businesses. As a consumer, you vote with your dollars. If nobody buys a product that a company makes, the company will stop making that product. The companies individually decide what they will produce, how they will produce it, and how much of that thing they will produce.

This is the type of economy usually found in countries with a smaller government, where the government has less control of the economy and it is controlled by the people, companies, entrepreneurs, etc.

This economy can be found in countries such as the United Kingdom, Australia, Singapore, Canada, etc.

A mixed economy is a hybrid of command and market economies. What happens is that there are government has control over goods and services in the economy via things like higher taxes, welfare distribution, etc.

The government also can control companies to some degree with regulations. It isn't necessarily socialist or communist as the government doesn't have complete control, but it does have more control over the economy, and this tends to fall on a spectrum. Mixed economy can be an umbrella term for different combinations with companies and the government.

Examples of countries with mixed economies include France and the United States.

Have a wonderful day and keep on learning! :D

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