By: Minesh Patel
The free market economy is a system devised to resolve the basic economic problem (resources having to be allocated to many competing users that have infinite wants) through the market mechanism. The centrally planned economy is an economic system where government go through detailed planning procedures to allocate resources in society. The Free Market Economy: The government provides public goods and services, but in order to
showed first 75 words of 1004 total
showed last 75 words of 1004 total
Europe having reduced inequality in society have had low growth in the past few decades while the free markets involve inequality and these provide an incentive for individuals to become self interested and profit minded in an attempt to is of a higher standard in comparison to the type of build quality found in Command economies. Command economies have been associated with communist systems whereas free market economies have been associated with capitalism.
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