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How is a market economy different from a centrally planned economy? Give any two sentences.

Asked by Topperlearning User 21st April 2016, 12:15 PM
Answered by Expert
  1. 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.
  2. 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 Expert 21st April 2016, 2:15 PM
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