Types of economic systems

Paper Details:
”Discuss the extent to which a country moving from a centrally planned economy to a more market driven economy is in the interest of both consumers and producers.”

Students should be able to:
1. Distinguish between the three types of economic systems: Free market system, Command economies and Mixed Economies
2. Discuss the advantages and disadvantages of each of the economic system.

You must provide:
1. Specific examples of countries that have transited from centrally planned economy to a more market driven economy

Follow this structure:

Part1- Define key terms(3 market systems)

Part2- Advantages of free market system(3 points plus examples of countries)

Part3- Disadvantages of free market/ advantages of command economy( 3 points plus examples of countries)

part4- Conclusion


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