Question

Distinguish between planned economy and mixed economy​

Answer 1

• Command Economy

A command economy is an economic system where the government has control over the production and pricing of goods and services. Sometimes called a planned economy, in a command economy, the government decides which goods and services to produce, the production and distribution method, and the prices of goods and services. The government is the central planner.

• The government has control over a command or planned economy.
• In mixed economies, the government has some control, while the rest is up to supply and demand.
• Command economies are characterized by large surpluses and shortages, monopolies, and prices set by the government.
• Mixed economies are characterized by corporate profitability, the use of fiscal and monetary policies to stimulate growth, and the existence of a public and private sector. 《♡♡♡♡》

Explanation:

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