differentiate between market economy and and centrally planned economy?
Dear Student
Market Economy- In this type of an economy, private entrepreneurs control the economic activities. This system is also known as Free Market Economy or Laissez-Faire System.
whereas,
Centrally Planned Economy- In this type of an economy, the central authority or state (government) plans, organises and regulates all the important economic activities.
Regards
Market Economy- In this type of an economy, private entrepreneurs control the economic activities. This system is also known as Free Market Economy or Laissez-Faire System.
whereas,
Centrally Planned Economy- In this type of an economy, the central authority or state (government) plans, organises and regulates all the important economic activities.
Regards