| FREE MARKET ECONOMY | COMMAND ECONOMY | MIXED ECONOMY | |
| DEFINITION |
Operation
without government intervention
|
Fully
controlled by government
|
Mixture
of private and government control
|
| CHARACTERISTICS |
-decision
by individual
-used
price mechanism
|
-decision
by government
-controlled
the gap
|
-use
market mechanism
-individual
and firm free to have properties
|
| ADVANTAGES |
-free
to make own economic choice
-free
to choose where to work
|
-can
avoid unemployment
-same
income distribution
|
-try
to reduce gap between rich and poor
-government
control the existence of monopolies
|
| DISADVANTAGES |
-wide
gap between rich and poor
-unemployment
problem
|
-mistake
decide in economy
-technology
are undeveloped
|
-freedom
is not totally offered for enterprise
|
Tuesday, 3 February 2015
Economic System
ECONOMIC SYSTEMS
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