Distinguish between a Pure Market Economy and a Centrally Planned Economy. Discuss how both forms of economies deal with the problems of scarcity and choice, the price mechanism.

SECTION B: MACROECONOMICS.

Distinguish between a Pure Market Economy and a Centrally Planned Economy. Discuss how both forms of economies deal with…
A) The problems of scarcity and choice.
B) The price mechanism.
(Maximum word limit: 750)
You are expected to do research and provide academic references (articles and books).
This is NOT an essay type questions, this is an ESSAY!
Please structure your writing and provide proper academic references as you would do for an academic essay.