Question

For the following examples, select whether they are indicators of a market, planned, or mixed system of economics. The ability to earn as much money as you can Limited restrictions on economy to protect people from becoming too poor Belief that all work should be rewarded equally Decisions concerning the economy all made by the government Belief that hard work should be rewarded Presence of a minimum wage

Answer 1

Market economies are those where the free-market operates, which is, costumers and producers have the autonomy to choose and produce what they want and need. Planned economies are dictated by the government. The government is responsible to allocate all resources, capital, and land in the economy. Mixed system resembles both systems, market and planned, in some degree. They do not give all the power for the producers and costumers, but also, do not run the entire economy.

The ability to earn as much money as you can. - Market - One of the most important features of a free-market society. Once you are the owner of your private means of production, all the money you can earn with its production is yours.

Limited restrictions on economy to protect people from becoming too poor - Mixed - A feature common in mixed economies, where the government artificially intervene in the economy to pursue a goal of preventing some people from becoming too poor.

Belief that all work should be rewarded equally - Planned - One of the most dangerous characteristics of the planned economy. Features as skills, work difficulties, knowledge, and plenty of other features that drive someone's salary are abolished in an attempt to equate everybody's income.

Decisions concerning the economy all made by the government - Planned - The top priority of any planned economy. All the means of production and economic structure are ruled by government bureaucrats, not the free-market.  

Belief that hard work should be rewarded - Market - The reward of hard work is also one of the features of market economies. In this economy your hard work to understand what the costumers want should be highly rewarded.

Presence of a minimum wage - Mixed - As an incorporation of planned economies, the minimum wage is largely used in Mixed economies.It is a  method of drawing an arbitrary line of salary where no employer should pay  less. This method does not include productivity, and as a result, generates unemployment of people with less skills.