Market and command economic systems are very different in how they use resources and make decisions. Here’s a simple breakdown:

1. Ownership:

   • Market Economy: Most resources are owned by private individuals and businesses. For example, about 80% of businesses in the U.S. are privately owned.
   • Command Economy: The government owns and controls the resources. A good example is Cuba, where around 90% of the economy is managed by the state.

2. Decisions:

   • Market Economy: Decisions are made based on what consumers want and the competition between businesses. Prices change depending on how much of a product is available and how much people want to buy it. For instance, in 2021, inflation in the U.S. was about 7%.
   • Command Economy: A central authority makes all the decisions about what to produce and how to distribute it. In the past, the Soviet Union faced food shortages even though it produced over $80 billion in agriculture each year.

3. Efficiency and Innovation:

   • Market Economy: This system is usually more efficient and encourages new ideas. For instance, technology companies in Silicon Valley added $800 billion to the U.S. economy in 2020.
   • Command Economy: This system tends to be less efficient because it is controlled by the government, which can make it harder for new ideas to develop.

In summary, market economies focus more on private ownership and consumer choice, while command economies rely on government control and decision-making.