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Outline the main features of a market economy and compare it to a Command economy.
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a) Outline the main features of a market economy and compare it to a Command economy. (10) For an economic society to survive there must be an economic system that will allow people to produce goods and services for the consumer. There are three main economic systems in the world today such as the free-market economies; the command economies; and the mixed economies. There are no pure command economies or pure free-market economies in the world today. There are only mixed economies this is because no economy is purely run by the state and no economy has no state intervention. All of these economies face the same basic economic problems and how they answer these problems determines which economy is in use in a society. Theses problems are three questions: what will be produced?; how will they be produced; and who will get what is produced? A free-market economy tries to solve the...
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