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Vishanna

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1. centrally planned- CHINA
advantages- there is less inequity of wealth
2. disadvantage- Consumers cannot choose and only those goods and services are produced which are decided by the government.

market economy- India
advantages- no single firm has market dominance when markets are highly competitive
disadvantages- power and property may be unequally distributed
mixed economy- trinidad
advantages- distributes goods and services to where it suppose to be
disadvantages-there is usually high corruption and mismanagement

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Market Economy disadvantage Power & property may be unequally distributed
eg the rich get richer and the poor stay poor

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Advantages of a centrally planned economy are : high growth rates
: unemployment could be avoided

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some of the advantages of an economic systems are:
easy to implement
no government intervention
e.g. USA