Answer:
There is no real difference for the modern PhD economist (the readers who doubted my economics PhD will love this answer!). In the cartoon version of economics, a market economy relies on prices. A Middle Eastern market (souk) is the go-to example. A planned economy relies on orders (bureaucratic directions).
The main difference between Capitalism and Command economy is that capitalism involved private enterprises where businesses are owned by private individuals while comman economies have public enterprises where the governemnt controls things including businesses and production. ... A command economy is where the govt.
A market economy functions under the laws of supply and demand. It is characterized by private ownership, freedom of choice, self-interest, optimized buying and selling platforms, competition, and limited government intervention. Competition drives the market economy, optimizing efficiency and innovation.
Step-by-step explanation: