Category: Economy Types

• 17th Jan 2022

  Mixed Economies

  

  The fusion of the free market and state provision – drawing from the best (and sometimes worst) qualities of both A mixed economy is a system that combines characteristics of free market, command, and traditional economies, gaining the benefits of all three types while suffering from only a few of the disadvantages.[1] It takes three…
• 15th Jan 2022

  Command Economies

  

  Does total state provision effectively provide for society? A planned or command market is fully controlled by a country’s government, with the state deciding which products are made and how much. This allows them to control prices to ensure they remain fair and prevents large companies from rising into power. It also means that anyone…
• 11th Jan 2022

  Free Market Economies

  

  Does no government intervention truly mean maximum efficiency? A free market means there is no government involvement, and so it is up to privately-owned companies to choose what to make and at what price. This allows for multiple companies to produce the same product and compete, giving the consumer a wide variety to choose from,…