{"id":50,"date":"2009-09-30T07:31:04","date_gmt":"2009-09-30T13:31:04","guid":{"rendered":"http:\/\/opengecko.com\/economics\/2009\/09\/30\/market-economies\/"},"modified":"2009-09-30T07:31:04","modified_gmt":"2009-09-30T13:31:04","slug":"market-economies","status":"publish","type":"post","link":"https:\/\/opengecko.com\/geckoview\/economics\/market-economies\/","title":{"rendered":"Market Economies"},"content":{"rendered":"<p>&#160;<a href=\"https:\/\/opengecko.com\/geckoview\/wp-content\/uploads\/2009\/09\/523459829_9d0863ade7.jpg\"><img loading=\"lazy\" decoding=\"async\" title=\"Market Economy\" style=\"border-right: 0px; border-top: 0px; display: inline; border-left: 0px; border-bottom: 0px\" height=\"286\" alt=\"Market Economy\" src=\"https:\/\/opengecko.com\/geckoview\/wp-content\/uploads\/2009\/09\/523459829_9d0863ade7_thumb.jpg\" width=\"450\" border=\"0\" \/><\/a> <\/p>\n<p>&#160;<font size=\"1\">[Source: <\/font><a href=\"http:\/\/www.flickr.com\/photos\/concrete_forms\/523459829\/\" target=\"_blank\"><font size=\"1\">flickr.com<\/font><\/a><font size=\"1\"> Image by <\/font><a href=\"http:\/\/www.flickr.com\/photos\/concrete_forms\/\"><b><font size=\"1\">Concrete Forms<\/font><\/b><\/a><font size=\"1\">&#160;<\/font><a href=\"http:\/\/creativecommons.org\/licenses\/by-sa\/2.0\/deed.en\"><font size=\"1\">Some rights reserved<\/font><\/a><font size=\"1\">]<\/font> <\/p>\n<p>All economies need to answer the three basic questions which result from the fact of scarcity:<\/p>\n<ul>\n<li>What to produce <\/li>\n<li>How to produce <\/li>\n<li>For whom to produce <\/li>\n<\/ul>\n<p>For a market economy, we need to research the following:<\/p>\n<p>a) How it works \u2013 how does it answer the three basic questions above?<\/p>\n<p>b) Advantages of this economic system<\/p>\n<p>c) Disadvantages of this economic system<\/p>\n<p>d) Examples covering the three above points<\/p>\n<p><em><strong>Note: <\/strong>It is important to be able to compare this economic system to that of <\/em><a href=\"http:\/\/opengecko.com\/economics\/2009\/09\/23\/command-or-planned-economies\/\" target=\"_blank\"><em>command (or planned) economies (\u2013 see previous post).<\/em><\/a> <\/p>\n<p>Some useful \u2019starting point\u2019 web sites follow:<\/p>\n<p><a href=\"http:\/\/www.economypedia.com\/wiki\/index.php?title=Market_economy\" target=\"_blank\">Wikipedia on Market Economies<\/a><\/p>\n<p><a href=\"http:\/\/www.economywatch.com\/market-economy\/\" target=\"_blank\">Economywatch.com on Market Economies<\/a> (possibly sourced from elsewhere)<\/p>\n<p><a href=\"http:\/\/financial-dictionary.thefreedictionary.com\/Market+Economy\" target=\"_blank\">The Free Dictionary on Market Economy<\/a><\/p>\n<p><a href=\"http:\/\/market_economy.totallyexplained.com\/\" target=\"_blank\">&#8216;Market Economy Totally Explained&#8217;<\/a><\/p>\n<p><a href=\"http:\/\/money.howstuffworks.com\/free-market-economy.htm\" target=\"_blank\">Is a free market &quot;free&quot; if it&#8217;s regulated? (How Stuff Works)<\/a><\/p>\n<p><a href=\"http:\/\/videos.howstuffworks.com\/hsw\/17831-basic-concepts-of-economics-free-market-economy-video.htm\" target=\"_blank\">A video on Free Market Economies can be viewed here<\/a> (source: videos.howstuffworks.com)<\/p>\n<p><a href=\"http:\/\/videos.howstuffworks.com\/hsw\/23133-economics-free-market-vs-command-economies-video.htm\" target=\"_blank\">From the same site, a video comparing market economies to command economies.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#160; &#160;[Source: flickr.com Image by Concrete Forms&#160;Some rights reserved] All economies need to answer the three basic questions which result from the fact of scarcity: What to produce How to produce For whom to produce For a market economy, we need to research the following: a) How it works \u2013 how does it answer the&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,10],"tags":[11,32],"class_list":["post-50","post","type-post","status-publish","format-standard","hentry","category-economics","category-ib-economics","tag-ib-eco-introduction","tag-market-economies"],"_links":{"self":[{"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/posts\/50","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/comments?post=50"}],"version-history":[{"count":0,"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/posts\/50\/revisions"}],"wp:attachment":[{"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/media?parent=50"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/categories?post=50"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/tags?post=50"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}