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Outline the differences between Command Economies and Free Market Economies
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Sarah Fearns Outline the differences between Command Economies and Free Market Economies The prime difference between command economies and free market economies is the method used to answer the three central questions of what, for whom, and how? Each of these questions relates to production. In a free market economy, the answers to these questions are decided by the consumer and overseen by a government that practices a laissez-faire economic policy. Production is decided on a supply and demand basis- resulting in a capitalist society. This happens due to the dispersion of wealth throughout an economy, the richest dictating which products should be produced due to their own demands, and the poorest having little or no say in production. It is possible to illustrate this as an economical voting system in which each pound is worth one vote. Therefore, those who have the most money, have the most votes. This means...
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