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free market:
.Government rarely sets rules, citizens own all business

Command Economy; All economic (business) decisons are made by government

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command economy
the countries economy is controlled by the government.
the government allocated the goods.
there is equal distribution of goods between people.
there is no competition.

market economy
it is a system in which private companies produce goods and services to people.
there is competition between companies.
the goods price increase or decrease as per market need
there is no equality

mixed economy
combines free market economy and command economy
companies are usually owned by cities
government puts rules and regulations on these companies.

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command economy.
A command economy is a system where the government, rather than the free market, determines what goods should be produced, how much should be produced, and the price at which the goods are offered for sale. it also determines investments and incomes. the command economy is a key feature of any communist society.

market economy.
market economy is an economic system in which production and prices are determined by unrestricted competition between privately owned businessess

mixed economy
A mixed economy system is a system that combines aspects of both capitalism and socialism. A mixed economic system protects private property and allows a level of economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims

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Free Market Economy
Private owned Buisness
Price set by supply and demand.

Command economy
Government owned and runned
Government decides things like production quantities wages and  distribution of goods.

Mixed economy
Mix of free market economy and command economy
Companies are owned by citizens and there Government regulations for safety and well being. Public education is provided.

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In a command economy, the government makes decisions for all businesses
In a Market economy, companies make decisions for themselves.
In a Mixed economy, companies make some decisions for themselves, while the government also retains some control

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Market economy:
- Most companies are of private ownership
- There is competition between companies, and firms, etc.
- Prices, wages, and economic (business) decisions are made by the owners of the firm.
- Goods are not distributed equally, the distribution depends on who is willing to pay the price for the goods.
- Prices are set depending on supply and demand.

Command economy
- In extreme cases there are NO privately owned firms
- The government makes all important business decisions, like the rate of production, etc.
- The government may allocate goods to people, and this usually does not depend on the price people are willing to pay for a good.
- This creates 'fairness' because there is lesser competition, and a production of goods that can be distributed evenly throughout the population as the government sees fit.

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1. Command economy
- private ownership
-The prices and production depend on what the market demands.
- More competition
-The businesses don't have to necessarily decide who to sell their products to.
- there is some inequality.
2. Planned economy
-most of the businesses are owned by the government.
- the government sets all the rules.
-the government decides the prices and rate of production.
-there is equality
- the government decides what to sell according to their needs/etc.

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Command economy:
1)  An economy in which the government determines production, prices and income. mixed market economy. an economy that has some government intervention.

2)  There is equality present with people getting goods.

Market economy:
1)  An economic system in which production and prices are determined by unrestricted competition between privately owned businesses.

2) There is a lot of  competition as other people want to make  better  versions of goods .

3) There is more inequality

Mixed economy:
1) An economic system combining private and state enterprise.

2) Government takes care of the business well.

3) People have their own businesses.

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Market economy:
- It is not controlled by the government.
-There are competitions between companies, firms.
-Any product that has to be allocated to someone is decided by the market not the government.
-The firms that do not do their work efficiently every day might get out of business.
-Countries like USA have a market economy and China has transitioned to a market economy due to the innovation and incentives.
-The government might still be in control of healthcare. They can still take decisions for the military around the world.
- The motivation is some notion of 'inequality'.
Command economy:
- Government takes the decisions and owns the factors of production.
-If you have any idea or innovation of something you arent going to get rewarded.
- The motivation is some notion of 'fairness' or 'equality'.
There is also something called the mixed economy which is between both of them.

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Characteristics of a market economy
-Intense competition
-In-equality
-minimal government control
-high productivity
-rapid innovation
-based on free will of people and businesses
-fluctuating prices based on supply and demand
-Wages controlled by businesses
-Production is reliant on the market
-Distribution of goods relies on what people want and think they can afford
Characteristics of a command economy
-absolute government control
-greater equality
-less competition
-less free will
-fixed prices
-government controls distribution
-wages controlled by the government
-production relies on what the government thinks is necessary

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Types of economy:
1.Command Economy
-no privately owned business, everything is controlled by the government
-government decides for factors of production like production, goods distribution and more
-the are fair towards everybody i.e Equality
eg:Russia
2.Free Economy
-Privately owned companies hence they make their own decisions independent of the government
-They can make changes in their product therefore be innovative
-A lot of competition.
3.Mixed Economy
-Business is privately owned
-the government is involved in public services like education,travel

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Command Economy:
1. Government decides the amount of goods production.
2. There is more equality present with people receiving similar amounts of goods.
3. There is no competition as there's one big production company for all.

Market Economy:
1. People build their own businesses and decided how much to produce on their own.
2. There is more inequality with the amount of goods people receive.
3.There is  more competition as other people try to create better versions of many goods.

Mixed Economy:
1. Mostly people have their own businesses.
2. Government ensures the citizens are safe and happy.
3. A lot of countries follow this type of economy so it balances the government control as well as the freedom of citizens.

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Command economy:
The government makes all decisions for the factors of production, they also decide how much amount of goods everyone gets. it is based on fair in most ways as everybody gets everything equally. there is lesser competition  in command economy. There are  fixed prices as well.

Market economy:

In market economy there is barely any govt. control, the innovations take place rapidly. The productivity rate is quite high. The citizens can buy what they want in any amounts. there is a high level of inequality.

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The video tells us about the two types of economies the command economy and the market economy.
In the command economy the government is in charge of all the factories, farmland, etc. the government appoints people to handle it. after appointing people the government orders the people to give a particular amount of output.
The other type of economy is the market economy is the market economy in which the people have ownership of their own land or property and the government dose not ask the farmer to produce a particular amount of goods. it depends on the farmer, business man that how much goods does he want to produce.
In the commanding economy the government can command the farmers so there is no shortage of goods, hence the rates of the goods stay the same throughout,
whereas in a market economy the government does not order the business man, hence when there is a scarcity of the goods the rates increase in the price but when there is a abundant amount of goods then the rates drop.

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1. Characteristics of command economy:
- It is more based on fairness and equality.
-Government makes all decisions for factors of production, which may include: production quantities, wages, and distribution of the good or service.
-Example: China

2. Characteristics of market/free economy:
-All decisions are made by the factory, mostly independent of the government.
- They observe and decide what the needs of the market are.
-This economy runs on a lot of competition, and that helps with more innovations, and strong motivation to reach the market's needs.
-Some level of inequality can be seen.
-Example: USA

There is also a type of economy called mixed economy where it is neither a command or free economy.

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the two videos talk about command, mixed and market economies. video 1 talks only about these three types, but video two talks about other things in economics too. command economy is when the government controls the economy and businesses. market economy gives the business owners most control. both have their good and bad points. there is also a mixed economy which combines the two economies. the two videos also contradict each other in an example. video 1 says the china is more of a market economy, while video 2 says it is more command.

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NOTE THE CHARACTERISTICS OF A MARKET AND A COMMAND ECONOMY

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NOTE THE CHARACTERISTICS OF A MARKET AND A COMMAND ECONOMY

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NOTE THE CHARACTERISTICS OF A MARKET AND A COMMAND ECONOMY

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NOTE THE CHARACTERISTICS OF A MARKET AND A COMMAND ECONOMY