Answer:
Explanation:
How are free market economies and command economies different?
Market economies are thee utilisation of private ownership in terms of the production and the voluntary contract etc. In comparison, a command economy is where the GOVERNMENT owns the production factors e.g land etc.
How does each type of economy answer the three economic questions?
The market economy, answers the the three because they will have the allocation of resources through the markets, which means that prices can be generated. On the other hand, the command economy answer the 3 questions is by the Government allocate the resources centrally.
How are most modern economies structured?
Most modern economies structure are with the changing balance of series of factors such as trade. This has mostly with the 3 sectors: primary, secondary and tertiary. Most economies will be allocating or reallocating the different resources.
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