Command vs. Market Economy

Command vs. Market Economy

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Storyboard Text

  • Hey, I'm from a command economy. Which is an economy where the government, as a con, runs decides what to produce. 
  • I'm from a market economy. A pro to this economy is freedom of choice by producer & consumer. Another good quality to this type of economy is that it encourages competition.
  • Another bad quality of a command economy is that provides good & services to citizens. But on the pro side of the spectrum, They provide us with homing and job.    
  • A con in this economy is that the competition here leads to uneven distribution of wealth. There's not really much else, to be honest.
  • Yeah, but our goals and priorities aren't straight.
  • Wow, that seems pretty rough.
  • Like, the main goals we have in our economy are economic security and equity.
  • The main goals in our economy are mostly freedom and efficiency.
  • Economic freedom is the choice to buy, sell, do and produce are of the consumer. Efficiency is the best use of the factors of production.
  • Economic security is when the government helps to meet people’s basic needs & promote a certain standard of living. Like, how they provide us with housing. Equity promotes fairness in society.
  • The government doesn't control anything in a market economy.
  • The government controls what to produce, how to produce it and who to produce it for.
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