The characteristics of market and command economies are distinct, with differences in decision-making, price setting, and ownership.
In a market economy, decisions are decentralized, and consumer demand drives production decisions. Private ownership of land is allowed, and the government does not set prices of goods and services. An example of a market economy is the United States.
Conversely, in a command economy, decisions are centrally planned by the government. The government sets prices of goods and services and owns resources and businesses. An example of a command economy is North Korea.
Market forces determine economic decisions in a market economy, while government officials make decisions in a command economy.
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