Which of the following best summarizes a basic difference between mWhich of the following best summarizes a basic difference between market economies and centrally- planned economies?A market economy has a "more equal" distribution of resources than a centrally-planned economy.Centrally-planned economies rely more on self-interest and prices to allocate resources than market-based economies.Self-interest and prices serve to allocate resources in a market economy while a central planner typically attempts to allocate resources in a centrally-planned economy.The government plays a larger role in a market economy than in a centrally-planned economy.arket economies and centrally- planned economies?



Answer :

the following best summarizes a basic difference between market economies and centrally- planned economies : Self-interest and prices serve to allocate resources in a market economy while a central planner typically attempts to allocate resources in a centrally-planned economy.

A centrally planned economy, also known as a command economy, is one in which the government determines the price and allocation of resources, goods, and services rather than autonomous agents, as in a free market economy.

Central edicts and rationing allocate resources in a planned economic system. Planned economies are typically run by a government that determines what should be produced through edicts issued by figures in power or by a committee.

The central government makes every decision about the manufacturing and consumption of products and services in a centrally planned economy. Individuals make economic decisions in a market economy, which is based on interaction, or trade.

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