ECONOMY

Market Economy VS. Command Economy

Market Economy VS. Command Economy

Summary

There are seven different kinds of economic societies that have existed which include, market economy, mixed economy, command economy, traditional economy, participatory economics, gift and economy and the barter economy (Baumol, William, 2007). The market economy means the organization and allocation of production and consumption of goods and services arising from the interplay between supply and demand in a situation of imperfect competition, which demands a certain share of the State to correct and / or ameliorate the negative effects of externalise and market failures and general access to certain minimum goods and ...