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What are the pros and cons of both a free market economy and a planned economy?

any and all information would be usefull please thank you =)

Public Comments

1. Markets are determined by supply and demand. Meaning you and me and all consumers determine indirectly what, and how much is produced. Supply and demand then determine the price. A planned, or socialist, economy has a central planner that determines what, how much, and the price of goods and sevices. A central planner cannot possibly know all of this information so must guess this information. Thus, a socialist economy is not an efficient economic system.