Market Economy
An economic system where producers and consumers interact with each other freely with little government intervention or central planning. This economic system is a complete opposite of a centrally planned economy, in which the government decisions drive most aspects of a country's economic activity. In system though, unlike
command economy, the government doesn't take charge of everything, this time
producers and consumers interact and take charge with the government taking
charge of the political duties. Countries like Australia are good examples of a country with a free market economy.
Advantages
1. unlike the command economy, the people have their individual rights
2. there is a wider range of goods and services
Disadvantages
1. there maybe inequality which leads to crime
Links
Hong Kong country profile - BBC
Australia country profile - BBC
UK country profile - BBC
Advantages
1. unlike the command economy, the people have their individual rights
2. there is a wider range of goods and services
Disadvantages
1. there maybe inequality which leads to crime
Links
Hong Kong country profile - BBC
Australia country profile - BBC
UK country profile - BBC