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- A planned economy and a free market economy are two different types of economic systems12. A planned economy, also known as a command economy, is controlled by the government, which dictates the production, distribution, and prices of goods and services12. A free market economy, also known as a capitalist economy, is driven by the private sector, which responds to the market forces of supply and demand12. A planned economy focuses on public welfare, while a free market economy focuses on profit and economic growth1.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.In a planned economy, the government dictates the economic activities. On the other hand, in a market economy, market forces of supply and demand determine economic activities and the resultant growth. Planned economies focus on public welfare. In contrast, a market economy focuses on profit and economic growth.www.wallstreetmojo.com/planned-economy/A mixed economy is run partly by the government but mostly as a free market economy (an economy with little government intervention and predominantly driven by the private sector). In a command economy, economic activities are planned and ordered by the government, which controls all production mechanisms.www.investopedia.com/ask/answers/033015/what-…
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