Economic systems

· Natural resource (land, oil, etc.)

A mixed market (free) economy is much more efficient than a command and control

(planned) economy. With a mixed market, comes the law of supply and demand.

Products will only be produced if there is a demand for them. In a mixed economy

there is opportunity and room for invention, growth, and evolution because there is a

chance for pay-off. But with a command and control economy, the government

allocates the resources and leaves the people with limited or no choice and

opportunity to grow and further the economy.

2: The three economic systems are as follows:

· Capitalism: Capitalism is driven by the law of supply and demand, and it is a

mixed market. All five factors of production are applied freely within this

economic system, and each individually driven. Capitalism provides freedom of

choice, ownership and entrepreneurs. A

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Approximate Word count = 691
Approximate Pages = 3 (250 words per page double spaced)