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The basically planned economy is when the government controls the means of production, these goods are allocated to people according to their needs. Governments usually do this in one of two ways: central planning or income distribution. Central Planning involves…
First and foremost, a socialist economy is a political and economic theory advocating collective or governmental ownership and administration of the means of production and distribution of goods. It is considered to be an alternative model for society to capitalism.…
In a traditional economy, the customs, beliefs, and traditions of society guide the economy and how it is managed. The economy can be based on barter or other methods of trade. In a traditional economy, customs, beliefs, and traditions are…
A command economy is a type of economic system in which decisions are made by a centralized authority to government. A command economy is an economic system where the means of production are controlled by a central government. In a…
A mixed economy is the best type of economy because it combines many different types of economies. This creates a country that is much stronger than any other type. In this article, I am going to talk about the advantages…
The free market is a system of economic organization in which the prices for goods and services are set by the forces of supply and demand. It relies on competition between buyers for goods, and for producers to sell their…