Course: ECO2013.005 Assignment Title: Centrally Planned Economies and Free Market Economies Economics Essay Purpose The purpose is to discuss the differences between a centrally planned economy and a free market and their potential advantages and disadvantages. Task The term paper will be a 3–5 page paper discussing the prompt. This paper should be double-spaced and in standard MLA format. A cover page and reference page must be included (in addition to the 3-5 page body of the paper). The grading rubric for this assignment is below. Prompt Compare and contrast the economics of a centrally planned economy versus a free market. Include references to the below topics: Property rights Incentives and entrepreneurship Supply and Demand Prices and quantities demanded/supplied After explaining how these types of economies work, go to the Heritage Free Market index, and pick a planned economy, one that has an overall score of 50 to 59.9. Explain how property rights, incentives, supply and demand, prices, and quantities work in that economy. Then pick a free market, one that has an overall score of 80+. Also explain how property rights, incentives, supply and demand, prices, and quantities work in that economy. Finally, conclude the paper with how you feel an economy should work. Add your thoughts about what is beneficial, and what is consequential. Criteria For Success A well-written paper will include the following characteristics: Explain issues Provide evidence Analyze arguments Provide your position on a given topic 5 sources in addition to the textbook