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Word Count: 995
The free market economy is a system devised to resolve the basic economic problem resources having to be allocated to many competing users that have infinite wants through the market mechanismThe centrally planned economy is an economic system where government go through detailed planning procedures to allocate resources in societyThe government provides public goods and services but in order to pay for these the government need to raise some funds this is done through taxation The government is also responsible for the issuing of money its value and keeping stable prices The government are also responsible for free goods a good or service available in quantities larger than desired for zero price if this is not regulated the free goods may be misused or abused In a free market economy the government also has the right to eliminate any monopolies so a fair competitive market can be maintained The government can also control the activities of trade unions this is because particular firms or trade unions may seek to gain control over individual markets In the market economy the government should intervene as little as possible Government regulation should be the minimum required to protect the orderly working of the market economy The free market sees government spending confined to the spending of public goods In a free market economy almost all factors of production FOPs are owned privately The government have the responsibility to uphold the rights of the citizens to own a property this is generally done through the legal system Free enterprise exists in free market economies these are when the owner of FOPs and producers of goods and services have the right to buy and sell what the own or produce through market mechanisms The government have little restrictions on what is brought and sold and workers can work for whom the wish no restrictions exist Homeowners can sell their home as and when they wish and no one can say
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