Compare and contrast the principal characteristics of a market economy with those of a command economy

Market economy utilizes private ownership as means of production, while in a command economy, governments own the factors of production such as capital, land and resources.

Explanation:

Market economy; is an economic system where decisions regarding investment, production and distribution are controlled by the price signals created by forces of supply and demand.

Demand economy; is an economic system where the consumers desire to buy goods and services and their willingness to pay a particular price for them. An increase in the process of a good or service will decrease the quantity demanded

Market economy utilizes private ownership as means of production, while in a command economy, governments own the factors of production such as capital, land and resources.

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