Command Economy vs Market Economy The economy can be seen as anything and everything related to production and consumption of goods and services in a country or an area. The field of study...
The state of the economy of any nation is determined by the decisions taken by the government. And the degree of regulation and control the government has on the economy determines whether the economy can be termed as a command economy or free-market economy.
A free market economy is an economy where the market is free to operate based on peoples wants and needs. The economy is driven by a government that practices a laissez-faire, rather than controlling its economic policy.