Free Market v. Command Economies

Basically, there are only three systems. At one extreme we have the free market economy, where there is a very limited role for the government. At the other end we have the command economy, where the government takes virtually total control. As with market structures (with perfect competition and monopoly), these two extremes are highly unrealistic. Just about every economy in the world is a mix of the two, and is, therefore, called a mixed economy. The question is, what is the degree of mix? Let's see how these different systems answer the three basic economic questions. [Read more] ...