Societies with command and free market economies answer the basic economic question "What goods and services should be produced?" in different ways. What is the main difference?

In a command economy, also known as socialism or communism in it's extreme form, the type of goods and services to be rendered to the populace is determined by the government. Here all factors of production are under the control of the government and as such they determine how limited resources are to be utilized.

A free economy is also referred to as a capitalist economy. The factors of production are held by private individuals called capitalist, who determine how limited resources are to be utilized. In most cases, the capitalist have control of one of the most important factor which is capital hence the name CAPITALIST.

marvineetesh3 marvineetesh3 · Answer 2 · 2022-01-27T11:09:04+01:00

The main difference between command and free market economy is what goods should produce?

What is command economy?

Command economy is an economic system in which the ways of production owned by the public and economic activity is control by a central planning authority that delegates quantitative production destinations and distributes raw materials to productive enterprises.

Command economy also referred as also socialism or communism in its extreme form,

Determination of which type of goods and services produced is determined by government

All factors of production are in the control of the government, and they determine how limited resources are to be utilized in the market.

What is a Free market economy?

A free market economy is an economic system in which the pricing of goods and services primarily determined by the sellers and buyers on the basis of demand and supply.

A free economy also named to as a capitalist economy.

The factors of production are borne by private individuals called capitalist, who determine how limited resources are to be utilized.

In most cases, the capitalist have control of one of the most important factor which is capital, hence the name capitalist.

Therefore, the basic economic question on both the markets exist secured upon what goods should be produced in the market.

Learn more about markets, refer:

https://brainly.com/question/10232194