The market system is also known as ___, while the command system is also known as _____.
A) capitalism; socialism
B) socialism; communism
C) central planning; laissez faire
D) a production system; a planning system

Question

Quizplus · Accepted Answer

The market system is also known as capitalism, which is characterized by private ownership of resources and decisions made through the interaction of buyers and sellers in the market. The command system is also known as socialism, which is characterized by government ownership of resources and centralized decision-making.

The Market System Is Also Known as ___, While the Command