Economics

Quantirra McGill,Keiadja nix

Command Economy

In a Command Economy A system where the government, rather than the free market, determines what goods should be produced, how much should be produced and the price at which the goods will be offered for sale. The command economy is a key feature of any communist society., the goal rate for Korea for fre
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In north Korea they have a command economy

Mixed Economy

A Mixed Economy is variously defined as an economic system consisting of a mixture of either markets and economic planning, public ownership and private ownership, or free markets and economic interventionism.
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Example

Most French businesses are now private (Air France,


2. A wide welfare system (free schools and universities, healthcare, pensions guaranteed by State, many helps for mothers, subsidies for poor.


3. A strong regulation in various sectors : environment, food safety, working legislation). Economic & currency regulation is now co-decided with the European Commission.


France unemployment rate is 10.5%,they have moderate freedom,but the government doesn't step in really too much

Market economy

A Market Economy is an economy in which decisions regarding investment, production, and distribution are based on supply and demand, and prices of goods and services are determined in a free price system.
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Market Economy

1. Private Property -- Most goods and services are privately-owned.


2. Freedom of Choice -- Owners, businesses, consumers and workers are free to produce, sell and purchase goods and services in a free market.


3. Motive of Self-interest -- The market is driven by everyone trying to sell their goods or services to the highest bidder


4. Competition -- The forces of competitive pressure keeps prices moderate, and ensure that goods and services are provided most efficiently.


5. System of Markets and Prices -- A market economy is completely dependent on a in which to sell goods efficient goods and services


6. Limited Government -- The role of government is simply to ensure that the markets are open and working.