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Assess which type of economic system is most effective in allocating scarce resources?
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Essay:Assess which type of economic system is most effective in allocating scarce resources? Economic systems are organised sets of procedures used within communities or between communities to govern the production and distribution of goods and services. Economists identify three types of economic systems: traditional (customs, habits, laws, and religious beliefs control decisions), command (government regulates economic activity), and market (individuals control production and distribution resources and make decisions based on the market in which they function). A mixed economy combines elements of these systems. All economies must answer three significant questions. What goods and services should be produced, how should they be produced and who gets the goods and services that are produced. The key point is who answers these questions in a country. In a command economy they are answered by the government, which means that the government decides upon everything. In a market economy they are answered by individuals...
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