Question

Using your guided notes, write down 2 main characteristics of command economies and write down 2 main characteristics of mark economy's

Answer 1

command economy
- government owns most of monopolies businesses
- government allocates all resources according to the central plan
market economy
- private ownerships
- competition drives the market economy as it encourages efficiency and innovation

Answer 2

Government is in control of the pricing of goods and services.

The government makes all decisions for finances in the country, may even assign people the jobs.

Since hourly rate of pay is regulated, just enough to survive on, people will tend to try and break the rules on the black market.

The government creates a central economic plan. ...

The government allocates all resources according to the central plan. ...

The central plan sets the priorities for the production of all goods and services.

Step-by-step explanation: