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Market economy is an economy where resources are allocated by the price mechanism, the consumers determines what is produced.

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www.fetsystem.com [GCSE ECONOMICS SECTION 2 REVISION NOTES3 Economic systemsMarket systemPlanned systemMixed systemMarket systemMarket economy is an economy where resources are allocated by the pricemechanism, the consumers determines what is produced.Example:United StatesAdvantages of market systemPrice determination by supply and demandChoice is available in the marketThere is efficiencyBuyers are free to buy any productLow prices due to efficiencyDisadvantages of market systemThe profitable goods and services are produced, people do not get the productsthey need (education, health).Mistreatment of workersCreates unemploymentHuge gap between rich and poorBig firms control the whole marketPlanned systemPlanned system is an economic system where resources are allocated by the, thestate determines what is going to be produced.Example:USSRAdvantages of Planned systemWasteful competition is avoidedGoods and services like health and education are providedEven distribution of incomeFREE ONLINE LECTURES&REVISION MATERIAL BY FET SYSTEMPage 1www.fetsystem.com [GCSE ECONOMICS SECTION 2 REVISION NOTESDisadvantages of Planned systemLack of efficiencyNo

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