An example of the way a market economy works is how new technology is priced very high when it is first available for purchase, but the price goes down when more of that technology becomes available. This kind of price f... More »

A command economy is one in which the government is the chief agent in all major economic actions. The government goes as far as to determine what is to be made, how much is made, how it is distributed and how it is tran... More » World View Social Sciences Economics

Historically, no nation has ever had a completely authentic free-market economy. In this sense, it is purely a theoretical concept. However, given contemporary usage by economists and other specialists, such as those at ... More »

As of 2014, South Korea has a market economy based on supply and demand. In a market economy, the decisions to invest, build and expand are based on what is needed for the country to operate at optimal levels. More »

A market economy is driven by supply and demand. Producers sell goods for the highest prices possible, and members of the labor force work for the highest wages they can earn. Determinations as to how goods and services ... More »

One advantage of a traditional economy is that it tends to be more stable than a market economy. Traditional economies are based on tradition and custom that guide them in a way that makes sense to all participants. More »

According to the Houston Chronicle, advantages of a free market economy include freedom of innovation and the ability of customers to drive choices in addition to disadvantages such as the danger of the profit margin and... More »