Market vs centrally planned economy

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Question: Market vs. Centrally Planned Economy. Lastly, I want you to consider the world we live in. Can you think of a single centrally planned economy nowadays? The biggest difference between these two economies is that market economies self-regulate. This means that the free market will create businesses, and where there is demand, there will be profit. In centrally planned economies the government simply decides how much to produce in what sector, basically killing entrepreneurship.

Discussion question:  an idea that you would have for a business in a new market. It can be something completely new, or an old idea with a twist. But there needs to be a twist. For instance, a good answer at the end of the 1990's would've been pet rocks. On paper it doesn't sound like a great idea, but the guy that made them actually got quite rich. Another good idea, a couple of years afterwards was Paypal. You might not have known this, but Paypal's founder was Elon Musk, who later founded Tesla. He sold Paypal for $1.5 billion US dollars in 2002. If you don't have any ideas you'd like to share, feel free to look for recent startups (2010+) and tell about their product.

Reference no: EM132435875

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