anonymous
  • anonymous
contrast centrally planned economies and free market economies.
Economics - Financial Markets
  • Stacey Warren - Expert brainly.com
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jamiebookeater
  • jamiebookeater
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anonymous
  • anonymous
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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