Question

Explain the difference between market forces and central planning. In what type of economic system are they both

present?

Answer 1

Market forces are private business dealings based entirely on the concept of supply and demand. In a centrally planned system all major economic decisions are made by the government. Market forces and central planning both have a role in a mixed market economy.

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Answer 2

This form of economics is possible in a mixed market economic system.

Step-by-step explanation:

Mixed market economies are the most common form of economy in the modern world as they create a best of both world kind scenario with the level of freedom and gains from the free trade of goods and the level of security and stability along with less scope of exploitation that comes with government intervention.

It is the balance between these two forces that defines what it is that the mix economy succeeds more in. The government controls the trade practices but ultimately the trade itself is free.