Command - Emphasis on public ownership, no private enterprise Mixed - both public and private enterprises Laissez-faire - no government intervention, individualism
+ Positives and - Negatives
Command Economy: + benefits the collective goods + helps individuals who are in need - no motivation for personal gain - little diversity in goods and business
Mixed Economy: + balance in private and public enterprises + equally beneficial - lack of motivation - capital gains is not at its peak
Laissez-faire: + allows for more freedom of choice + individual prosperity is gained - boom and bust cycles - increased competition
Mergleconomics Opinion:
Topic - What do you think is the best 'Economic system'?
In my opinion the market economy is the best economy that allows for
individual motivation and also individual prosperity. It allows people to
fully express their potential concerning their career and allows them to do so
without the government monitoring them. Critics would say the market economy
doesn’t care for the homeless people but this is untrue primarily because there
are many privately owned companies and services that help care for the needy.
Also in a Market economy people have more motivation for achieving all their
goals and therefore become better off, this in turn creates more money flow in
the economy and strengthens it. People have the right to do whatever they have
to in order to succeed in the economy and the market economy allows this with
no government intervention. Many countries have used this economy and many of
those countries have a high standard of living because of their economies. The
U.S.A uses the purest form of market economy and the status of its economy in
one of the most powerful in the world today. In terms of the prices of goods
in a market economy is can vary greatly and it offers you a wide variety of
different choices on goods. It allows also for a wide variety of goods and
services that also makes big competition in the economy. Money circulation is
very high in this economy which puts the standard of living up for countries
who display this policy.
Market Economy Links:
1. http://www.libertylog.com/cat_freemarket_economy.html
2. http://www.auburn.edu/~johnspm/gloss/index.html?
3. http://www.auburn.edu/~johnspm/gloss/market_economy.html
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