Who controls the economy?
Roles of the citizens/people?
Freedoms of the people?
Producer and consumer interaction
Where is it?
Three specific examples
• North Korea
Why is your economy the best?
Can prevent mass unemployment.
Can produce goods which benefit society and ensure everyone has access to basic necessities.
Weaknesses of the other Economies
Traditional economy- traditional economy does not allow for much economic growth and development as changes are very slow and there is very little social mobility.
Free market economy- can fail to provide certain goods and services. May encourage the consumption of harmful goods. Market systems only allows more goods and services to those consumers who have more money than others.
Why should your economy run the world?
- Supporters of command economies argue that it enables the government to overcome market failure, inequality and create a society that maximises social welfare rather than maximises profit. Command economies can prevent abuse of monopoly power. My economy should also run the world becuase all power goes to the government, which has full control of it's economy and production.