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Question:

Distinguish between a centrally planned economy and a market economy.

Answer:

S.No. Points of Difference Centrally Planned Economy Market Economy
1 Ownership of factors of production. Factors of production are publicly owned; i.e., public ownership. Factors of production are privately owned.
2 Production Motive The motive of  production is social welfare. Factors of production are publicly owned; i.e., public ownership. The main motive is profit making.
3 Governing Factor The production is governed by a planning mechanism; i.e. according to the government plans. The production is governed by price mechanism; i.e., by demand and supply.
4 Income Distribution The degree of inequality of income is low. There exists unequal distribution of income.
5 Government’s Role The main role is played by the government – from production to distribution. The main role is played by private players. They decide what to produce, while the role of a government is limited to maintaining law and order in the nation.


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