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What are the main characteristics of a free market economy and centrally planned economy? Every country consists of a social institution which controls, manages, and attempts to solve the basic economic problems of what to produce, for whom to produce, and how to produce. Such social institutions are known as economic systems, and vary in their approach to solve the economic problem. The most basic and known economic systems are the Market Economy, the Mixed Economy, the Market Economy, the Planned Economy and the Traditional Economy. The two economic systems which are of complete contrasts are the Planned Economy, which is revolved around government decision and the Market Economy, which is based on the free-market. A country which the government controls the factors of productions and resources, assesses the demand, sets production targets, and creates an input/output analysis in order to determine the required goods that need to be...

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