Hubbard.E_1061731_1.06 TGA- Free Market vs Command Economy

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Los Angeles Mission College *

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413

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Economics

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Feb 20, 2024

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HST413 Principles of Economics 1.06 TGA- “Free Market or Command Economy?” One-Paragraph Essay Instructions: Complete the following steps to create a one-paragraph essay. Use the area titled “Work Area” to complete the steps. --------------------------------------------------------------------------------------------- ----- Step 1: Answer the following question in a complete sentence, “What type of economy (free market, command, or mixed) is better for the United States today?” Your answer is a topic sentence or thesis statement in which you make a claim that you will “prove” by providing evidence in the form of three or more supporting sentences. Step 2: Define each type of economy. Step 3: Explain why you chose the type of economy you did in step 1. Step 4: Put it all together to produce your final one paragraph essay. Work Area: What type of economy (free market, command, or mixed) is better for the United States today? A mixed economy is better for the United States today because it combines the efficiency of a free market with the necessary regulations and social safety nets provided by government intervention. Define free market economy. A free market economy is characterized by minimal government intervention in economic activities, where decisions regarding production, consumption, and distribution are primarily determined by the interactions of supply and demand in the market. Define command economy. A command economy is an economic system in which the government centrally plans and controls the production, distribution, and allocation of resources, often with the aim of achieving specific social or political objectives. Define mixed economy. A mixed economy combines elements of both free market and command economies. In a mixed economy, the government intervenes in certain areas, such as regulating industries, providing public goods and services, and implementing social welfare programs, while allowing market forces to operate in others.

HST413 Principles of Economics Explanation. The choice of a mixed economy for the United States today stems from the recognition that pure free market systems may lead to inequalities and market failures, while command economies often stifle innovation and entrepreneurship. By adopting a mixed economy approach, the United States can harness the efficiency and dynamism of market forces while ensuring that essential regulations and social protections are in place to promote fairness, stability, and inclusivity in the economy. Entire Paragraph. A mixed economy is better for the United States today because it combines the efficiency of a free market with the necessary regulations and social safety nets provided by government intervention. In a free market economy, decisions are driven by market forces with minimal government interference, whereas in a command economy, the government controls most aspects of economic activity. However, a mixed economy blends elements of both, allowing for market efficiency while also providing necessary regulations and social welfare programs. This approach acknowledges the strengths of both systems while mitigating their weaknesses, ensuring a balance between economic growth and social equity in the United States.

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