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:
– Distinguish between the three types of economic systems: Free market system, Command economies and Mixed economies
– Discuss the advantages and disadvantages of each of the economic systems.
You must provide:
– Specific examples of countries that have transited from centrally planned economy to a more market driven economy.
Part 1 – Define key terms (3 market systems)
Part 2 – Advantages of free market system (3 points plus examples of countries)
Part 3 – Disadvantages of free market/ Advantages of command economy (3 points plus examples of countries)
Part 4 – Conclusion
– Reference your work including websites/journals/textbooks of work used (this does not count towards 1000 word limit)