Command vs. Market Economy
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Hey, I'm from a command economy. Which is an economy where the government, as a con, runs decides what to produce.
I'm from a market economy. A pro to this economy is freedom of choice by producer & consumer. Another good quality to this type of economy is that it encourages competition.
Another bad quality of a command economy is that provides good & services to citizens. But on the pro side of the spectrum, They provide us with homing and job.
A con in this economy is that the competition here leads to uneven distribution of wealth. There's not really much else, to be honest.
Yeah, but our goals and priorities aren't straight.
Wow, that seems pretty rough.
Like, the main goals we have in our economy are economic security and equity.
The main goals in our economy are mostly freedom and efficiency.
Economic freedom is the choice to buy, sell, do and produce are of the consumer. Efficiency is the best use of the factors of production.
Economic security is when the government helps to meet people’s basic needs & promote a certain standard of living. Like, how they provide us with housing. Equity promotes fairness in society.
The government doesn't control anything in a market economy.
The government controls what to produce, how to produce it and who to produce it for.
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