types of economy Flashcards
1
Q
Free Market Economy:
A
Profit incentive so dynamic efficiency
Low cost high quality more consumer choice
Low Taxes
2
Q
free market economy characterises
A
Intolerable levels of inequality
Essential Services Unavailable to poor
Monopolies exploit public
3
Q
Command or Planned Economy
A
Low or no unemployment
Less Waste of resources
No Waste on marketing
4
Q
commmand or planned economy characterises
A
No incentive to work hard
No Choice for Consumers
What gets produces is not what people want
5
Q
Mixed Economy
A
Where private and state ownership coexist
6
Q
mixed economy economy charterctics
A
Where market mechanism allocates some resources
Where planned decision by government determine output and pricing
in some industries
