Comparison among Market economy, Centrally Planned economy and Mixed economy

Centrally Planned Economy	Market Economy	Mixed Economy
There is almost a complete lack of market mechanism or free play of market demand and supply forces. Since, the Government decides what, how and for whom to produce.	There is a market mechanism i.e market system that connects buyers and sellers.	Market mechanism operates to connect buyers and sellers. But, not without ‘checks and balances’ by the government.
Prices of goods and services are largely settled by the ‘Central Authority’ appointed by the government of the country. Hence, forces of demand and supply are wiped out.	Prices of goods and services are settled through the market forces of demand and supply.	Prices of goods and services are largely settled through the market forces of demand and supply. But, policies like ‘Floor Price’, ‘Price Ceiling’, ‘Support Price’ are often pursued to promote equality and social justice.
Consumer’s sovereignty is ruled out. Instead, central authority decides what goods and services the consumers would need for their livelihood.	The consumers i.e. households are sovereign. They buy according to their tastes and preferences, and maximize their satisfaction. The producing goods and services as demanded by consumers.	Consumer is sovereign. But resources are not allowed to be used in the production of such goods which are socially harmful like narcotics.
The government takes upon itself the responsibility of growth and development of the country.	The government does not interfere with the decisions of the households. It focuses mainly on maintenance of law and order and defense of the country.	The government plays a key role in the process of growth and development, but focuses largely on fighting drawbacks of the market economy.
There is the state ownership or collective ownership of the means of production.	Accumulation of capital is allowed as a matter of right. Capital emerges as the principal means of production.	There is a private as well as public ownership of the means of production.