The market economy is the democratic form of an economy, sometimes referred to as free-

market or capitalism. There is no pure market economy because enterprises require little
government intervention through taxes and regulations. Contrary to the command economy, the
latter operates under the government, which limits free enterprise and freedom of choice. To
accommodate each country's economic needs, they circulate under a specified economic system
that effectively distributes their resources to society.
Countries considered market economies are Singapore, Canada, and United Kingdom. The
primary explanation as to why is due to the level of economic development that they have. The
value of their currency indicates that their GDP is progressing; performance reveals they have a
healthy economy. The amount of immigrant applications to their country signifies the
attractiveness of the available quality of life. Furthermore, it is noticeable how much-varied
products they offer, products and services that are yet to be available in our country, and the
stability of prices. Modernization of technology begins with them; their medical research is a
step ahead. Their competitiveness level leads them to progress further than the other countries;
they have allowed innovations to respond to changes and determine opportunities.
North Korea is a prime example of a command economy. Compared to the market economy of
Singapore, according to Country Economy, a site that compares the economy of nations,
Singapore has an annual GDP of $339,981M compared to North Korea's $17,365M. This
indicates how low their economic performance is and how behind they are in progression. The
extreme limitation of import of products and adaptability to change caused them to fall behind.
Considered mixed economies, Laos and Cuba remain to have a communist states. As the
government controls a majority of enterprises and its system, the supply and demand differ from
those of the market economy; the production and distribution of goods and services depend on
the government's decision. The pandemic took a toll on these countries; the pricing increased,
which caused their consumers to limit their purchases to adjust to their income. Those living in
the bottom chain of their economy are receiving a heavier impact. It has become a domino chain
resulting in their governments being unable to provide for the necessities of the people.
The market economy and the command economy are types of economic system that shares the
same goals, describing how society distributes its resources to produce goods and services. The
former is a free enterprise that encourages entrepreneurship and competition, while the latter
focuses on the set of rules established by its administration. The prominent examples of the
market economy are Canada, Singapore, and the United Kingdom because of their prevalent
appearance in the leading countries in the world. Command economic countries are known to be
North Korea, Laos, and Cuba; their monetary unit and GDP per capita speak for themselves.