The market economy is an economy type where the private businesses dominate. The economy is open, the trade is on a large scale, and very often big percentage of the produced goods are exported, while others are imported.
The command economy is in the hands of the government, which controls everything in it, and has all the resources in its hands. The economy is usually more closed, and there's trade with only a handful of countries, usually with the same economic type. The private businesses do not exist.
By combining this too we get mixed economy. In this type of economy, the government still has big portion of the resources in its hands, and is still heavily involved in the decisions, but the economy is much more open for trade. The amount of production is much bigger than what the country needs, so there's lot of goods that are exported. The benefit is that the government has control over the most important things in the country, and the workers are protected, as well as making big profit from the export of goods while maintaining the balance on home ground. A perfect example of this is China.
Answer:A command economy and a market economy are completely opposite economic systems. In a command market, the government controls everything. The government determines which goods and services they want the nation to produce. The government owns all capital used, including land, materials, machinery, and technology, and it decides who can use the goods and services produced. A command economy can provide economic equality and security to those who use it. A market economy is completely different. The goods and services produced in a market economy are determined by the consumers. All businesses belong to the private sector, which means that individuals own the business and capital. The goods and services produced are used by those who can afford them. Market economies are used because they can profit producers greatly and because competition creates progress. When these two types of economies are combined, a mixed economy is created. It has some privately owned businesses and some government businesses and regulations. Most modern economies are mixed economies to some degree. The benefits of using mixed economies include competition that ignites progress and government regulations that protect workers and try to provide some economic equality.
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