USA HISTORY

Detailed explanation-1: -In a market economy, the producer gets to decide what to produce, how much to produce, what to charge customers for those goods, and what to pay employees. These decisions in a free-market economy are influenced by the pressures of competition, supply, and demand.

Detailed explanation-2: -free market, an unregulated system of economic exchange, in which taxes, quality controls, quotas, tariffs, and other forms of centralized economic interventions by government either do not exist or are minimal.

Detailed explanation-3: -Under a command economy, governments own the factors of production such as land, capital, and resources, and officials determine when, where, and how much is produced. This is also sometimes referred to as a planned economy.

Detailed explanation-4: -Most commonly, market economies feature government production of public goods, often as a government monopoly. But overall, market economies are characterized by decentralized economic decision making by buyers and sellers transacting everyday business.

Detailed explanation-5: -The four main types of economic systems are a pure market economy, a pure command economy, a mixed economy, and a traditional economy.