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“Outline the main features of a market economy and compare them to a command economy.” A Market Economy, also known as a Free Market Economy or a Capitalist Economy
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Heather Sanders - Economics Essay: Mr Dorran "Outline the main features of a market economy and compare them to a command economy." A Market Economy, also known as a Free Market Economy or a Capitalist Economy is an example of an extreme scenario under a right-wing government with very little control over the country's economy markets. This is compared to a Command Economy, which is typically associated with left-wing or communist governments, who will have total control over the country's economy. There is also a Mixed Economy which is a mixture of a Free Market and Command Economy in which some industries are free to all competitors and monopolies and other s and restricted to government only industries, such as education and health care in the United Kingdom. There is a contradictory comparison between free market and command economy, and this is clear to recognise. The main components of a free market economy are...
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