Command Economies: Government determines WHAT to produce, Efficiency not always prioritized when focusing on HOW to produce, Large bureaucracy, Lacks flexibility, Health & Public Services available at little to no cost, Cuba, Government determines for WHOM to produce based on fulfilling perceived needs, Lack incentive to work hard, Market Economies: People and firms act in their own interests, Businesses determine WHAT to produce , Firms focus on maximizing profits in relation to HOW to produce, Income and wealth determine for WHOM to produce, Small degree of government interference, Doesn't provide for the basic needs of everyone, Japan, Monopolies can form, Mixed Economies: Businesses determine WHAT to produce with slight government interference, Regulations may be established when considering HOW to produce, May implement redistribution mechanisms, Fosters efficiency and innovation, Social welfare programs provided , Income inequalities, Risk of corruption, Canada,
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Economic Systems
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Lmcgray
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Economics
Economic Systems
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