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Command Economies

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Command and Market Economies In a market economy the people control the factors and means of production. In a command economy a central authority owns and controls the factors or means of production. Market economies use capitalism, which is private owners, and entrepreneurs, which are the people who create new ideas. Command economies use communism, and socialism, so the government controls everything. Market economies are constantly having people compete to create wants to keep the economy strong. This economic system also contains producers and consumers. Since command economies are controlled by the government they do not have much incentive for the people to do more than is necessary. Like the market economy, command economies have
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