Jose Lopez ,Frederick Wimberly
Ratings of some economic goals
Economic Efficiency : Mixed - 4 , Command -5, Market- 3
Economic Equity : Mixed - 5, Command -3, Market - 3
Economic Security: Mixed - 4, Command - 5, Market - 3
Full Employment : Mixed - 2, Command - 4, Market - 3
Price Stability : Mixed -4, Command - 2, Market -3
Economic Growth : Mixed - 5 , Command - 3, Market- 3
Command - China, Cuba, North Korea, Soviet Union
Market - Singapore,Australia, United States
Who owns resources
Market- People and Individuals
Who makes economic decisions
Command economy-An authority such as the national government, a government agency or central planners decide what to produce, how to produce and to whom goods and services will be allocated.
Mixed economy-Decisions about what to produce, how to produce and to whom goods and services will be allocated generally repeat decisions made in earlier times or by previous generations.