Economics questions

  

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1.
What is a Free Market Economy? Give an example of how goods and services are distributed. (5
points)
2.
What is a Command Economy? Give an example of two countries that has/had this type of
economic system? (5 points)
3.
What is a Mixed Economy? Why is the US considered mixed? (5 points)
Critical Thinking – (2 parts) 15 points
Read about North Korea’s economy at: http://www.heritage.org/index/country/northkorea
a.
How does a Command or Planned Economy affect the citizens of a country that maintains this
type of economy?
http://www.usnews.com/news/blogs/rick-newman/2013/04/12/heres-how-lousy-life-is-in-north-korea
b.
With the information you have found, which type of Economic System do you think would work
the best: Free Market, Command or Mixed? Please support your answers and use your own words.
Make me believe your opinion.

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