Traditional systems, which are influenced by traditions and beliefs, concentrate on the fundamentals of goods, services, and labor. Command systems are influenced by centralized authority, whereas market systems are governed by forces of supply and demand. Last but not least, hybrid economies combine command and market systems.
What does mean a command economy?
An economic system known as a command economy is one in which the means of production are owned by the government and economic activity is governed by a central organization that sets quantitative production targets and distributes raw materials to productive businesses.
The goal of both economies is to create the goods and services that the population demands while utilizing the fewest resources possible. Both economies function with general economic participants such as producers and consumers, goods and services, money and labor, and goods and services.
In a market economy, supply and demand determine both the production of products and services and their prices. A command economy is an economic system in which the government controls all economic decisions and all industries are owned by the public.
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