... supply would be scarce, however then there would be no market, as the supply and resource for a product is endless the absence of scarcity would significantly decrease the value of a product. A market exists in all countries, although these can operate in various ways. There are three basic types of market that exist in the world today, most countries can be classified into one of these although some maybe heading towards another category, as illustrated in (fig.1). A free economy market is where all decisions are taken my individual consumers and firms. This is not the case for many countries, although the U.S.A and China are gradually heading toward it. At the other end of the spectrum is a centrally planned economic system. All decisions are centralised to being taken by the government, similar to communist Russia. In between both of those what is known as a mixed economy. In ...

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