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Economics
Essay specific features
Written by:
John P
Date added:
June 3, 2016
Level:
University
Grade:
A
No of pages / words:
14 / 3798
Was viewed:
4851 times
Rating of current essay:
Essay content:
land, labour and capital. But the pricing of the goods are chosen solely by the country’s citizens and businesses, without the help of the government. To best understand the market system it may be best to compare it to other market systems, for example, the command and market economy systems.
The way the command economy system works is that, the government controls the production, distribution and the exchange of goods and services...
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It also controls the resources of land, labour, capital and the pricing of the goods. In this type of system extensive bureaucracy is needed to allocate resources. If the government makes a wrong or inappropriate decision it may lead to the production of excess goods which leads to excess supply or it may lead to a shortage of goods that may lead to excess supply...
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