Question: i. Explain the difference between a centrally planned economy and free market economy. Provide an example of each. ii. In terms of resources, what differentiates

i. Explain the difference between a centrally planned economy and free market economy. Provide an example of each. ii. In terms of resources, what differentiates the two systems? iii. Suppose an individual can choose to live in either a free market economy or centrally planned economy, what aspects would cause the individual to choose one over the other? Describe the advantages and disadvantages of both to help you answer the question. iv. The Heritage Foundation ranked economies by Economic Freedom. What are the main criteria used to create the ranking? Do you agree with the ranking system? What can be changed to improve the ranking

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