A pure market economy is capitalism, where resources are privately owned, while a pure command economy is socialism, with government-owned resources. Mixed economies combine features of both systems.
A pure market economy, also known as capitalism, is a system where resources are privately owned, and individuals make decisions on production and distribution. In contrast, a pure command economy, also known as socialism, is where the government owns all resources and makes decisions on production and distribution.
Market capitalism allows individuals to make decisions about resource use, while command socialism involves government control over resource allocation. Between these two extremes lie mixed economies that blend elements of both systems.
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