ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Consumers are free to buy the goods and services that best fill their wants and needs. Workers are free to seek any jobs for which they are qualified. A market economy is driven by the motive of self-interest. Consumers have the motive of trying to get the greatest benefits from their budgets.

Detailed explanation-2: -In a command economy, the government makes all the major economic decisions. It controls all means of production, such as raw material, money, land, and industries in a country.

Detailed explanation-3: -An Overview. In a command economy, the government determines what is produced, how it is produced, and how it is distributed. Private enterprise does not exist in a command economy. The government employs all workers and unilaterally determines their wages and job duties and product pricing.

Detailed explanation-4: -In command economies, decisions about both allocation of resources and allocation of production and consumption are decided by the government.