How bis should the army be?
What goods and services should be produced?
How much mone should be raised in taxes?
How many schools should be built?
Get the highest prices for what we sell
Get the lowest prices for what we buy
Sell the most goods we possibly can
Exchange hte things we have for the things we need
Free market economies
Centrally planned economies
Efficiency and freedom
Efficiency and equity
Innovation and security
Freedom and security
It builds every house in every village.
It encourages workers to innovate
It makes all important economic desisions
It places much emphasis on the production of consumer goods
Everyone makes the same amount of money.
The public controls the economy
Medical care is free
No one has to pay taxes
Individual freedom was allowed
Free enterprise was encouraged
Consumers had many choices
Most economic and political power was controlled by the government
Free market economy
Mixed economy with limited government intervention and a great deal of economic freedom
Mixed economy with equal amounts of economic freedom and government intervention