00:01
First of all, let us understand the major difference between market economy and command economy.
00:10
So the major difference between command economy and market economy is that a command economy is that the government controls what is produced and how it will be shared.
00:25
And in a market economy, people have more freedom and can make their own.
00:31
Condes seasons.
00:35
So now let us elaborate now.
00:38
First of all talking about market economy.
00:42
In a market economy, there are several resources for most inputs.
01:19
If one supplier runs short, usually another supplier can be used.
02:04
If it is a specialty part, the supplier is given the order in advance of delivery.
02:56
So they can make sure that the part is available.
03:28
Therefore in the market economy as the resources are driven by the price and market demand there will be not be any shortage so due to the proper market demand and the quantity of suppliers available there will be no any shortage in the market economy for the supply now talking about command economy in a command economy a government agency will govern all suppliers if one row material is not a available then manufacture is delayed...