markets and economies

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  • Created by: Emilysh02
  • Created on: 05-06-19 14:41
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  • markets and economies
    • markets are a method for allocating scarce resources
    • mixed economies combine free markets and government intervention
      • free market economy
        • pros
          • efficiency
          • entrepreneurship
          • choice
        • cons
          • inequalities
          • non profitable goods may not be made
          • monopolies
      • command economy
        • pros
          • maximise welfare
          • low unemployment
          • prevent monopolies
        • cons
          • poor decision making
          • restricted choices
          • lack of risk taking and efficiency

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