What are the fundamental elements of the free market economic system? How can businesses thrive within this system? Explain.

What are the fundamental elements of the free market economic system? How can businesses thrive within this system? Explain.

Describe the key principles of socialist and communist economic systems. Does more government control mean less economic opportunity? Why or why not?

Why do most countries have neither “pure” market nor “pure” planned economies? Is the trend toward the market end of the spectrum likely to continue? Why?