What is the key difference between market and command economies?
Correct answerB. Market economies rely on privately held property whereas command economies rely on publicly-held property
Explanation
Market economies are based on private ownership and decisions by buyers and sellers, while command economies rely on state ownership and central planning.
Correct answerD. In dynamic Asian nations (e.g. Japan Singapore Hong Kong South Korea and Taiwan) government intervention in economic life has resulted in a "government-business symbiosis " different from that in Europe and the United States
Discussion