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Advantages Of Various Types Of Economic Systems - Assignment Example

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The resources that are available in an economy at a particular point in time are restricted. The purpose of the paper "Advantages Of Various Types Of Economic Systems" is to discuss the level of efficiency of the free market economy and the mixed economy…
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Advantages Of Various Types Of Economic Systems
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Download file to see previous pages The economic system decides the amount and the mechanism of the resource allocation. The factors of production, the organizations, and the market forces comprise the economic system that interacts with each other with an aim to resolve the economic problems (Anderton, 2009, p. 30). This economic system is of various types depending on the impact of market forces on the system. A free economy is one in which the market forces are solely responsible for the determination of the price and quantity and the resources are allocated automatically without any kind of government intervention. On the other hand, in the case of the mixed economy, the market mechanism is allowed to operate but to a limited extent. In a mixed economy, there is the coexistence of the public and private enterprises in the economy. It has been argued by many scholars that the free market economy operates on a higher level of efficiency compared to the mixed economies. Analysis of the Statement In order to understand the level of efficiency of these two types of the economy it is essential to analyze the characteristics of these economies. A free market economy is characterized by the private ownership of the means of production. The government’s role is limited to the regulatory and legal aspects of ensuring the rights of the people. The people who are existent in the economy have the right to operate in the market and buy and sell goods and services at the price and quantities that are determined by the market mechanism. The government may have regulation in form of quotas or tariffs that does not hamper the free market environment in such economies (Samuelson and ? Nordhaus, 2010, p. 31). The market structure that is existent in such economies is based on the competitive framework. The decision making of the allocation of resources id decentralized because of each individual and decide how much to buy or sell in the market depending on the efficiency level.  ...Download file to see next pagesRead More
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