Two cousins have decided to see each other after all these years. But they live differently, one of the them named Rose lives in America with a market economy. The other named Susan lives in China with a command economy. They both talk about their life's and how they live in each economy.
"What is economic freedom & growth", said Susan
Rose : " I live in a market economic that has many positives ways of life. Goods & services are exchanged freely, competition leads to better products . There is 0% government involvement & regulation, It lets the people have economic freedom & growth."
"Economic freedom allows people to make their own economic decisions without interference of government & economic growth produces more & better goods and services to increase production."
"But there are negatives as well. Competition leads to uneven distribution of wealth, Doesn't have economic equity."
In my economy we do have economic equity. The government owns everything it provides goods & services to the people, houses/homes, jobs,health care,etc.
"There is also negatives there is no incentive to work hard, poor quality of goods, no attention to individual needs. No economic freedom nor growth."
"A command economy , it produces determined by government, by producing determined by government & its employees, and determined by government who gets goods & services."
"A market economy, it produces based on consumer demand, by producer decides the most efficient way, and for those willing & able to afford it.