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Suppose you are sitting down for breakfast. Compare how the elements of your breakfast would be...

Suppose you are sitting down for breakfast. Compare how the elements of your breakfast would be provided if the economic system was (i) a centrally planned economy or (ii) a system of decentralized markets.

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Answer #1

(i) If the economic system was a centrally planned economy - The breakfast would be a single element rather than multiple elements as per individual's choice.Individual would be forced to have the fixed elements of breakfast rather than having options of different elements as per his or her choice.

(ii) If the economic system was a system of decentralized markets - The individual would have different options to select as the component of breakfast. It would be easy for them to customize their breakfast as per their interest as there would be multiple components from different sources.

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