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  • 3 years ago

contrast centrally planned economies and free market economies.

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  1. ArbabShah
    • 3 years ago
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    Planned economies -) Govt or state control on the factors of production(apart from labor) -) Consumer welfare is scrutinized -) Provision of public goods and merit goods -) minimum standards of living Free Market economies -) Private ownership -) Profit maximization is the basic aim -) De-merit goods provision -) Consumer sovereignty -) Merit goods and public goods are under-provision

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