They both are aimed to achieve their goals with minimal waste.


The scope of economics affects a more noticeable platform than just political entities do. It influences people and organizations, and not only market prices.

In capitalism, economies are driven by a desire for growth and profit. This desire explains not only supply and demand trends but also how to allocate resources successfully to achieve maximum productivity. Without proper allocation, an economy is doomed to waste its resources.

Surprisingly, the situation is not much different in socialism, as the government still wants to achieve its goals without misusing available capital. Therefore, distributing resources becomes essential for both market and command economies.

Characteristics of mixed economy.
Goals of Economies (Source: https://www.thebalance.com)

People, regardless of their workforce involvement, also want to achieve outlined goals with minimal waste. For example, if someone cannot create a plan for their day then they may be wasting time – a valuable resource! Failure and loss of productivity from a lack of planning may affect both economies and individuals.