contrast centrally planned economies and free market economies.

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contrast centrally planned economies and free market economies.

Economics - Financial Markets
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At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.

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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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