Market vs. Mixed and Command Economy

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Market vs. Mixed and Command Economy In a Market economy the government has little or no interference regarding economic decisions being made. All economic decisions including production, pricing, investments, and distribution are all made by individuals looking out for their own self- interest; unlike in a command economy. In this particular economy decisions are made concerning the global economy as a whole and personal gain for individuals is minute. However, a Mixed economy is similar to a Market economy in this aspect because individual consumers do influence the economic decisions made as well, even though greater governmental influence and public ownership are both a part of this economy. The government in a Market economy practices laissez-faire as well as the private sector in a Mixed economy. The government will only interfere if it is necessary and for a specific task, because a Market economy opposes the governments involvement in economic affairs. Some tasks the government would help with include the maintaining of private contracts and property rights of the people, unlike a centrally controlled economy. “In practice, there is no such thing as a pure market economy” (Economy 101). Dissimilar to the fact that a Command economy does not consist of private property, private property does in fact exist in both a Market and Mixed economy. In a Command economy the government has significant influence on the economic behaviors and the economic decisions. In this economy the state and government control the settled and unsettled economic decisions, resources, products being produced, the products use for consumers, and all the decisions that relate to the distribution of income. A Command economy is owned by the state and all work that is completed goes towards the economies total production. People live uncomfortably at the expense of others as well as
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