Compare the Difference between Market and Command …
Compare the Difference between Market and
Command Economic Systems
An Exploration of Capitalism, Socialism and Communism:
Economic Systems
Economic systems answer the questions: What to produce? How to produce? How to distribute?
Economics is the study of how people use scarce resources to meet unlimited demand. Some people like to think of economics as a study of supply and demand.
Traditional Economic System-
Me give you bone for Audi 500- me drive fast past you in mud!
I give you bone for that plastic club!
8-10. Market Economy=
Capitalism
Another word for market economic systems is capitalism. Capitalism is an economic and political ideology written about by an 18th century thinker- Adam Smith in a book entitled "The Wealth of Nations." Smith claimed that the more the people of different people trade with each other the less likely they are to go to war. Moreover, he claimed that the government must not interfere with the economy or it may disrupt trade and people's ability to prosper. Smith claimed that instead of a government running an economy an "invisible free hand" known as a market would. Today this concept is referred to as laissez faire or hands off economics.
Market Economy
Adam Smith claimed that people who trade with each other don't go to war with each
other.
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