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An economy can be organized along a spectrum from completely

Question : An economy can be organized along a spectrum from completely : 1697

An economy can be organized along a spectrum from completely free. When economy is completely controlled, resources are publicly owned and the government or central planner is in charge of making the economic decisions like what gets made and who gets what. A completely free economy is one of pure capitalism where the government has limited role in economic decision making and exists mainly to enforce property rights. Most economies are arranged somewhere I between where economic decisions are still being made by the decentralized actions of individuals and firms but are still subject to government policy and intervention.

1. How is it possible for there to be such a variety of desired goods and services in a market system?

2. How does this relate to self-interest and how does this "selfishness" help achieve society economic goals?

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Economics 1 Year Ago 197 Views
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