Give me the difference between centrally planned economy, market economy and mixed economy?

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A. Centrally planned economy:Centrally planned economy is an economic system in which the state or government makes economic decisions made by the interaction between consumers and business.b. Market economy:Market economy is an economic system in which the decisions regarding investment,production and distribution are guided by the price signals created by the forces of supply o demand.c. Mixed economy:A mixed economic system is a system that combines aspects of both capitalism and socialism.

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Centrally Planned Economy

Controlled by the government, with decisions made by a central planning authority.

All resources and industries are owned and controlled by the state.

Prices and wages are set by the government.

There is little to no competition as the state controls everything.

The government determines what goods and services are produced, as well as the quantity and distribution of these products.

Examples include Soviet Union, North Korea, and Cuba.

Market Economy

The economy is controlled by private individuals and businesses, with little government intervention.

Individuals and businesses own and control resources and industries.

Prices and wages are determined by supply and demand.

Competition drives innovation and efficiency.

Consumers determine what goods and services are produced through their purchasing decisions.

Examples include the United States, United Kingdom, and Japan.

Mixed Economy

A combination of both centrally planned and market economies.

The government regulates and controls some industries, while others are left to the private sector.

Prices and wages are determined by supply and demand in the private sector, but may be regulated by the government in certain industries.

Consumers have some control over what goods and services are produced, but the government may also play a role in determining what is produced.

Examples include Canada, Sweden, and Australia.

In summary, a centrally planned economy is controlled by the government, a market economy is controlled by private individuals and businesses, and a mixed economy is a combination of both. Each type of economy has its own strengths and weaknesses, and different countries may choose different economic systems based on their unique needs and circumstances.

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Market economy refers to an economic system in which the economy is controlled , operated and owned by the private sector. the main aim of this sector is to earn peofit .

centrally planned econimy refers to an economic system in whoch the exonomy is owned , controllednd operated by the gov. ofthe country. the main aim is to provide social welfare
mixed economy refwrs to an exonomy system in which the private sector provides goods nd services which they can asily produce nd the govt . providesnecessary goods nd services for the citizens.

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Centrally planned economy is controlled by government driven by the motive of social welfare. market economy is controlled by market forces for profit maximisation. mixed economy is governed by market forces but regulated by government. it is driven by both profit maximisation nd social welfare.

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