In market economies, decisions are made by individuals whereas, in command economies, economic decisions are made by a central authority.
The economy refers to the position of a country when sufficient production and consumption of goods and services by the manufacturers and customers. This reflects the sufficient flow of money.
Market economy refers to the economy when any business is owned by an individual. In this type of economy, all the directions are followed by business given by individuals only, excluding government involvement.
In a command economy, it is controlled by government officials, and all the decision-making is done by them. This central authority will control the allotment of raw materials as well as resources utilized in production.
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