28 Oct 2021
Problem 22
Page 295
Section: REVIEW QUESTIONS
Chapter 12: Environmental Protection and Negative Externalities
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28 Oct 2021
Introduction
A command economy is one characterized by heavy government authority in which the government owns the resources.
The market economy is an economy in which private individuals own resources, economic decisions are decentralized and private business houses supply goods and services as per the demand in the economy.
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