Question: ”Discuss the extent to which a country moving from a centrally planned economy to a more market driven economy is in the interest of both consumers and producers.”
Students should be able to:
1. Distinguish between the three types of economic systems: Free market system, Command economies and Mixed Economies
2. Discuss the advantages and disadvantages of each of the economic system.
You must give:
1. Specific examples of countries that have transited from centrally planned economy to a more market driven economy
Follow this structure:
Part 1- Define key terms (3 market systems)
Part 2- Advantages of free market system(3 points plus examples of countries)
Part 3- Disadvantages of free market/ advantages of command economy (3 points plus examples of countries)
Part 4- Conclusion