The government has the sole authority to govern the economic functions in a command economy; whereas, in a mixed economy, partial control is in the hands of the government and a part is controlled by the buyers and sellers.
A command economy is a type of economy where the substantial control of the functioning is in the hands of the government; while government control is not substantial in a mixed market economy.
There are more mixed market economies in the world, as government undertakes control of only the key markets in its economy, which it deems shall be under government supervision. India is an example of a mixed economy.
Hence, the significance of the different types of economies is given above.
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