Can you compare and contrast the free market economy and centrally planned economy, and describe 2 advantages and 2 disadvantages for each?
There are two polar opposite approaches to an economy's operation.The command economy is the top-down, centrally-planned economy of socialism.The market economy is the decentralized economy of the free market. The most fundamental distinction between the two is the existence of private property in the free market and the absence of private property in the command economy.
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