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What is a centrally planned Economy?

An Economy in which a government bureaucracy decides how much of each good to produce how to produce the goods and who gets the goods


what is a market economy?

A market economy is an economy in which decisions regarding investment, production, and distribution are based on supply and demand, and prices of goods and services are determined in a free price system.


What is the comparative advantage?

The ability of one person or nation to produce a good at a lower opportunity cost than another person or nation