Edexcel A Level · 9EC0 · Theme 1: Introduction to markets and market failure
1.1.6 Free Market, Mixed and Command Economies
Also Edexcel AS 8EC0
Everything you need for questions on free market, mixed and command economies, in the words examiners reward. An interactive seven-step lesson goes with it.
What's on this sheet
- Three ways to answer what, how and for whom
- Free market economies
- Command economies
- The three thinkers
- A classic chain
- Classic question: is the free market the best way to allocate resources?
- Side 2: practice tasks, where the marks go, and exam-style questions
- Separate answer key
The lesson in seven steps
- Market or state?
- Smith, Hayek or Marx?
- Demand for bikes suddenly doubles
- Free market, mixed or command?
- Market, state, or both?
- Build the chain
- Exam practice
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