The Differences between Command Economies and Free Market...

The Differences between Command Economies and Free Market Economies The prime difference between command economies and free market economies is the method used to answer the three central questions of what, for whom, and how? Each of these questions relates to production. In a free market economy, the answers to these questions are decided by the consumer and overseen by a government that practices a laissez-faire economic policy. Production is decided on a supply and demand basis- resulting in a capitalist society. This happens due to the dispersion of wealth throughout an economy, the richest dictating which products should be produced due to their own demands, and the poorest having little†¦show more content†¦This type of economy works in the private sector of business ie. Individual firms. A command economy is an entirely different system in which a central government decides how to answer the three central economic questions. The government would decide what is to be produced, how it is to be priced etc. resulting in a far more communist state. This obviously gives the government a far more autocratic role in their economic policy in contrast to the free market economy. Products are designed with the incentive to meet consumer needs rather than to meet the wants of the richest. This way is far more practical towards ensureing the production of necessary goods. This type of economy works under the public sector- everything is funded and controlled by the central government. Discuss Whether there are Lessons to be Learned Between the Two Systems No economic system will ever work flawlessly so it is undoubtable that these two systems would be able to adapt to become more practical. For one example, in the free market economy, there have often been problems with failure to produce medicines that are seen bt medical companies to be unprofitable but that are ncessary to public health. 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Billy Joel Live at Madison Square Garden free essay sample

The lights dimmed, the crowd roared, the piano boomed and the show began it was Billy Joel, live at Madison Square Garden. It had been four years since I had seen Joel on tour with Elton John and I was hoping his alcoholism had not affected his music. When the show started, all my doubts were put to rest. Starting with â€Å"Angry Young Man,† Joel showed he still has incredible talent. Accompanying Joel was his band, almost all from the New York metropolitan area. After â€Å"Angry Young Man,† he began the set list with songs from early albums, â€Å"The Nylon Curtain† and â€Å"52 Street.† It was nice to hear songs like â€Å"Zanzibar† and â€Å"Stiletto,† plus some I didnt know and others I had not heard in years. I will never forget the talent of his band. There were the usual guitars, bass and drums, but it was the horn section (besides the piano) that brought the songs to life. We will write a custom essay sample on Billy Joel Live at Madison Square Garden or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page For songs like â€Å"Movin Out† and â€Å"Only the Good Die Young,† the three musicians added a sound that stayed in my mind long after I left the Garden. The only complaint I had was missing â€Å"Miami 2017,† a song associated with New York City. My favorites were the last two, â€Å"Scenes from an Italian Restaurant† and â€Å"Piano Man,† the one song everyone wants to hear. Leaving the Garden, the music still played in my head. The concert was one of the best I have ever attended.