CBSE Class 12-commerce Answered
How is a market economy different from a centrally planned economy? Give any two sentences.
Asked by Topperlearning User | 21 Apr, 2016, 12:15: PM
Expert Answer
- In a market economy, self-interest is the prime consideration. However, the social welfare or collective welfare is the prime consideration behind allocation of resources to the production of different goods and services in a centrally planned economy.
- There is a profit motive behind every economic activity in a market economy, whereas social interest is behind every economic activity in a centrally planned economy.
Answered by | 21 Apr, 2016, 02:15: PM
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ANSWERED BY EXPERT
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Asked by Topperlearning User | 21 Apr, 2016, 12:12: PM
ANSWERED BY EXPERT