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free-market economy and central planned economy.
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| Words: 1459
| Submitted: Wed Jan 02 2008
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Economics Essay T1- What are the main characteristics of a free-market economy and central planned economy. T2 - Evaluate the possible consequences that may be in counted when an economy makes a transition from central planning towards a free market. . Task 1 An economy may be defined as the state of a country or region in terms of the production and consumption of goods and services, and the supply of money. A planned economy is an economic system in which economic decisions are made by centralized planners, who determine what sorts of goods and services to produce how they are to be priced, and allocated. Since most known planned economies rely on plans implemented by the way of command, they have become widely known as command economies. These are generally associated with socialist or communist economic systems. A free market economy is an economy in which the allocation for resources is determined only by...
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