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Command Economy Vs Command Economic Systems

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Around the world there are different types of economic systems which include traditional, market and command economies. Each one is different than each other. In command economies the government has complete control of the country and can make all the economic decisions. In a market economy the government does not have complete control it is a system in which supply,demand and price market help people make choices. These economic systems have their advantages and disadvantages.
One type market economy is capitalism. Capitalism is run by a free market. The US is a market economy. In this type of economy there are economic goals that help the economy. In a market economy economic freedom plays a huge part in a market economy. People can privately own …show more content…

In a socialist economy the government owns and operates the basic productive resources that in return help benefit the people. The government has some control over the economy but the rest is owned and operated privately. The government plans ways to efficiently produce products in key industries. Some countries in Europe have a socialist economy where taxes are high compared to the US. The government tries to help the people as much as possible. Some examples of a socialism is that it produces for the people have the ability to say what they want. In a communist economy the government has complete control of the economy. Examples of a communist economy include China, North Korea, and Cuba. It is mainly a dictatorship where one person is in control. The government owns and operates all the businesses, properties and productive resources. The government tell the companies and businesses what and how much to produce. The government makes all the economic decisions. Some disadvantages of communism is that individual freedom is lost and incentive to produce products. It fails to meet that needs and wants of the people. Communism is a fail in country’s nobody is

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