# data[].attributes.body
Positives of planned economies
-Can create a society that maximises social welfare rather than maximises profit.
-Command economies can prevent monopolies.
-Command economies can prevent mass unemployment, which can happen in capitalist economies.
-Command economies could produce goods which benefit society and ensure everyone has access to basic necessities.
Negatives of planned economies
-Government agencies usually have poor information about what to produce. Command economies, like the Soviet Union often produced goods that weren’t used.
-Unable to respond to consumer preferences
-Threat to democracy and liberty. A command economy creates a very powerful government which limits economic freedom.
-Bureaucratic. Command economies can be held up by planning and committees.

# data[].attributes.body
Most economies are mixed
Mixed economies include

Iceland vs United States economies
Government spending as a percentage of GDP
Iceland: 57%
US: 38.9%

Cost of living in Iceland is 45.73% higher than US

Household consumption expenditure as percentage of GDP, 2014
Iceland: 52.6%
US: 67.3%

# data[].attributes.body
Mixed Economy

Summary:

A mixed economy is where part of the economy is left to the private sector and part is run by the government. The mix of government spending and free market systems depends on the share of government spending as a percentage of the gross domestic product. It allows for a level of economic freedoms with private enterprise owning and controlling a great deal – including state electricity and water systems as well as other companies like mining companies. However a mixed economy also allows for government intervention and regulation in these private ventures thereby making it a mixed economy. This regulatory oversight can come in the form of social security, housing, defence funding and infrastructure.

Further Reading and Extra Notes:

http://www.investopedia.com/terms/m/mixed-economic-system.asp

http://www.worldfinance.com/infrastructure-investment/government-policy/failing-banks-winning-economy-the-truth-about-icelands-recovery

http://www.economicshelp.org/blog/glossary/mixed-economy/glossary/mixed-economy/

Need to know?
A mixed economy involves both the government and private businesses.
Taxes to the government
Government regulates monopoly, controls pollution

Stance
Potentially a stable economic system that allows both businesses and the government to have a say. Could be considered inefficient. I believe the more efficient mixed economy would be a 60/40 split in favour of either the government or businesses.

Excited
State provides essential services like fire brigade, police
Competition keeps prices low
Corrupt business behaviour is controlled
The business sector can pursue profits

Worried
Not being able to make efficient decisions
Businesses are still being controlled and regulated by the government
Heavy taxes

# data[].attributes.body
Government ownership of the means of production. In command economies, governments will own some or all of the industries producing goods and services.

Government pricing and production decisions. In a command economy, production is decided by government agencies, who decide the most socially efficient goods to produce. Government agencies may also set prices or give consumers rations directly.

Government macro-economic objectives. In a command economy, the government will have over-riding macro economic objectives such as employment rates and what to produce.

Some centrally planned economies may consist of not just state owned enterprises, but some privately owned firms who are closely directed by state management.

# data[].attributes.body
Pros:
- high degree of individual freedomlarging the gap between the rich and the poor
- minimising waste to maximise profits
- sufficient production of goods and less shortage of products
- creates employment opportunities
- more efficient production of goods
- competition promotes quality goods for cheap prices

Cons:
- economic activity is motivated by profit, en

# data[].attributes.body
- A self-contained economic system based upon traditions and customs.
- Subsistence is non-monetary, relying on barter and trade for basic goods.

Pros:
- Everyone knows their roles
- Sustainable and consistent lifestyle
- Greater sense of community in absence of consumerism

Cons:
- Limited to no room for expansion
- Reliant on harvest and farming, when farming fails, so does economy
- Simplistic lifestyle and goods

# data[].attributes.headline
Traditional and Subsitence Economy Pros and Cons

# data[].attributes.subject
Traditional and Subsitence Economy Pros and Cons

# data[].attributes.body
Pros: Supplies sufficient amount of food for the people and greatly reduces wastage

# data[].attributes.body
-Laissez Faire (right wing, libertarian, small govt)
-Lets businesses survive and fail
-less control, more chaotic, more productive
-Market will respond to changes in demand with changes in supply
-incentive for competition results in stable price equilibrium

Examples:
Hong Kong (named World's Freest Economy for 21st year in a row, 2015). Top bracket of tax is only 20% and corporate tax 17%. Low govt expenditure. However there is LARGE income disparity - GDP/person £20,600 BUT over half popl on £920/month.

Singapore - low government expenditure, around less then 20% of economic output! Limited government involvement w. economy. Civil servant bonuses change depending on economy.

# data[].attributes.body
- law of supply and    demand
- supply and demand regulates production and labour.
- eg Hong Kong, Singapore, Australia, United States (2007)

# data[].attributes.body
Pros:
- Efficiently allocating goods and services, by allowing prices to measure supply and demand.

- Rewards the most efficient producers with the highest profit, ensuring that customers are getting the best value for their dollar.

- Encourages innovation that meets customer needs more efficiently, cheaply or creatively.

- Allocates more capital to the most innovative and efficient producers, who can then invest the capital into similar businesses.

-Minimises the disadvantages of a market economy: Larger government role allows for the fast mobilisation in priority areas, such as defense and technology

# data[].attributes.headline
Mr. Owen's link:       http://time.com/3637610/cuba-photos-joakim-eskildsen/

# data[].attributes.subject
Mr. Owen's link:       http://time.com/3637610/cuba-photos-joakim-eskildsen/

# data[].attributes.body
Testing 1,2,3