Final answer:
In a market economy, decisions are made privately by consumers and firms. In a command economy, all decisions are made by government officials. A laissez-faire economy allows individuals and businesses to make economic decisions with minimal government intervention.
Step-by-step explanation:
In a market economy, decisions about what to produce, how to produce it, and who receives it are primarily made privately by consumers and firms. Private ownership of resources is emphasized, and the government has little to no involvement in the economy except to enforce private property rights. Examples of market economies include the United States and most Western European countries.
In a command economy, all economic decisions are made by government officials. The government owns the resources and determines what to produce, how to produce it, and who receives it. Examples of command economies include the former Soviet Union and North Korea.
A laissez-faire economy, on the other hand, is a system where the government takes a hands-off approach and allows individuals and businesses to make economic decisions with minimal government intervention. This type of economy prioritizes individual freedom and limited government control. Examples of laissez-faire economies include the United States prior to the 1929 market crash.