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  • Alwin Asuncion - GEC 03 - Activity 2

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    The document compares and contrasts the key differences between a market economy and a command economy. A market economy gives people more freedom to make their own decisions based on supply and demand. The government has some control but producers, consumers, and retailers participate globally. In a command economy, the government has full control over financial management and decisions. A mixed economy consists of both private companies and state-owned entities that both have control over owning, selling, and exchanging goods in the country.

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    The document compares and contrasts the key differences between a market economy and a command economy. A market economy gives people more freedom to make their own decisions based on supply and demand. The government has some control but producers, consumers, and retailers participate globally. In a command economy, the government has full control over financial management and decisions. A mixed economy consists of both private companies and state-owned entities that both have control over owning, selling, and exchanging goods in the country.

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    33 views2 pages

    Alwin Asuncion - GEC 03 - Activity 2

    Uploaded by

    Alwin Asuncion
    The document compares and contrasts the key differences between a market economy and a command economy. A market economy gives people more freedom to make their own decisions based on supply and demand. The government has some control but producers, consumers, and retailers participate globally. In a command economy, the government has full control over financial management and decisions. A mixed economy consists of both private companies and state-owned entities that both have control over owning, selling, and exchanging goods in the country.

    Copyright:

    © All Rights Reserved
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    Republic of the Philippines

    City of Olongapo
    GORDON COLLEGE
    COLLEGE OF EDUCATION, ARTS AND SCIENCES
    Olongapo City Sports Complex, Donor St., East Tapinac, Olongapo City 2200
    Telefax No.: (047) 602-7175 loc 322

    Activity 2: Compare and Contrast the Economic System

    Name : Asuncion, Alwin C. Date: September 24, 2020 Course & Year BSEd- Mathematics 2A

    Market Command
    Economy Economy
    Republic of the Philippines
    City of Olongapo
    GORDON COLLEGE
    COLLEGE OF EDUCATION, ARTS AND SCIENCES
    Olongapo City Sports Complex, Donor St., East Tapinac, Olongapo City 2200
    Telefax No.: (047) 602-7175 loc 322

    They are both


    People have more freedom determined by the
    and can make their own supply and demand The government has the
    decisions. of goods and services power over the financial
    management of the country.
    It is partly controlled
    by the government and
    they are all producers,
    consumers, retailers of
    goods and participating
    in global markets.
    The government
    Consumers make all has control over
    of these decisions as a command or
    a group through their planned economy.
    purchasing
    decisions. 

    Mixed Economy
    Consist of both private companies and
    government/ state owned entities both
    have controlled of owning, selling and
    exchanging goods in the country

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