What is the difference between a command economy and a market economy? Which system do you think is better for the Philippines, and why?
Answer (1)
In a command economy, the government decides what to produce, how, and for whom. In a market economy, individuals and businesses make those decisions based on prices and demand. The Philippines has a mixed economy but leans toward the market system. A market economy is better because it encourages innovation, freedom, and efficiency. For example, Filipino entrepreneurs can open their own shops or online businesses, which creates jobs and variety. However, some government control is still needed to protect public welfare and prevent abuse.
