Below are some of the disadvantages of a Centrally Planned Economy:

1. The more complicated the plan, the more likely it is to be inefficient & costly

2. It is difficult to set “reward & recognition” incentives to encourage workers to be productive & deliver quality

America is a prime example of a Centrally Planned Economy

Below are some of the advantages of a Free Market Economy:

1. Functions automatically

2. Competition keeps prices down & incentivizes firms to be more efficient

Below are some of the disadvantages of a Free Market Economy:

1. Free markets may not achieve maximum efficiency without some government intervention

2. Competition can be limited between firms; a few larger firms may dominate an industry

China is a perfect example of a Centrally Planned Economy

Below are the advantages of a Mixed Economy:

1. Relative prices of goods

2. Macroeconomic problems

Below are some of the disadvantages of a Mixed Economy:

1. Government intervention can be used to influence some market failings

2. Governments are not perfect & their actions & interventions can cause both beneficial & adverse reactions

Trinidad & Tobago is an example of a Mixed Economy