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Economics

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In this case, the government commands all markets, determining what to produce, how to produce, and for whom to produce.
Ownership of property and goods is determined in the private sector, and the government does nothing to interfere with any market.
The economy willproduce the goods andservices it has producedfor generations basedon what the ancestorsproduced.
Competition incentives firms to lower prices, increase quality, and/or use resources more efficiently.
Firms will produce whatthey believe consumerswill want to buy.
Production and distribution of goods and services are based on how past generations made and distributed goods.
Firms will try to producegoods and services usingmethods they believewill result in sellinggoods and services forthe most profit, but thegovernment may taxfirm profits or mandateproduction processes
Private individuals and firms control all resources, and the price and quantity of all goods are determined by the interaction of demand and supply in unrestricted, open markets.
Firms will producegoods and services usingmethods they believewill result in sellinggoods and services forthe most profit.
Individuals and firms inthe society who arewilling and able to paythe price of the good orservice will obtain it.
Since the government is in charge of everything, citizens should all receive equal amounts of basic goods and services.
There is little to no competition among individual firms so there is little incentive to innovate, increase quality, or lower prices.
The economy willproduce what thegovernment or centralplanner says it willproduce.
Also called a capitalistic or free-market system.
Property rights are based onhistorical property rights and transfer of property would follow traditionalrules of the culture
The economy will passthe same productionmethods used in thepast from generation togeneration.
The economy willproduce using whatevermethods thegovernment or centralplanner says it will use.
Economic decisions are based on rituals and routines
Many firms will producewhat they believeconsumers will want tobuy, but governmentmay restrict theproduction of certaingoods or produce publicgoods.
The economy willdistribute the goods andservices to whomeverthe government orcentral planner saysshould get it.

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