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market economy vs. command economy

market economy

[mahr-kit i-kon-uh-mee] / ˈmɑr kɪt ɪˌkɒn ə mi /

noun

a capitalistic economic system in which there is free competition and prices are determined by the interaction of supply and demand.

command economy

[kuh-mand i-kon-uh-mee] / kəˈmænd ɪˌkɒn ə mi /

a socialist economic system in which production and distribution of goods and services are controlled by the government and industry is mostly publicly owned.