Economic Systems

Australia is predominately a pure market economy

Nearly all economies are mixed

Cuba and South Korea are the only 2 true command economies in the world

Different economic systems evolve based on how the system solves the problem of scarcity

Socialism is the same as communism

In a market economy, price is determined by the market

In a command economy, equity is valued above efficiency

In a market economy the government makes all the decisions

Emerging market economies are those markets that are changing from command to mixed economies

Choices made within the economic system are what distinguishes it from another