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Summary: Economic Continuum Formative Assessment Planned Economy

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Economic Continuum Formative Assessment Planned EconomyDefinition:”An economy in which production, investment, prices, and incomes are determined centrally by a government.” ~ Google. Beliefs/Values: In a planned economy they believe that everyone should have an equal amount of money; not that certain people keep getting richer while others are in poverty. Characteristics: The government administers pretty much everything. This would include, production rate, how much people get payed, and prices on goods/services. Advantages: Some of the advantages of a planned economy would comprise, no one is in poverty/homeless, equal amount of wealth, and everyone has an occupation. Disadvantages: Some of the disadvantages of a command …show more content…

Characteristics: This government is an amalgam of a free economy and a planned economy. They set regulations but there still is a bit of individualism. For example a minimum wage would allow the employer to choose how much the employee will get payed but the government makes sure they are not underpaid. Another characteristic of a mixed economy is that both the government and people can determine what's produced. Advantages: Some advantages of a mixed economy would include, cheaper necessities because the government is not in it to make a profit and runs off of supply and demand so everyone can be satisfied. Disadvantages: Some disadvantages of a mixed economy would involve, high taxes so government can supply basic necessities. Free Economy Definition: “A capitalistic economic system in which there is free competition and prices are determined by the interaction of supply and demand.” ~ Dictionary.Reference.comValues/Beliefs: In a market economy (free economy) they believe in individualism and that an individual should run the

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