Explain the Terms, "Command Economy" and "Market Economy

question 4

Essay

Explain the terms, "command economy" and "market economy." Give an illustration of each.

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Definitions:

Decision Making

The cognitive process of selecting a course of action from among multiple alternatives, often involving considerations of risk, reward, and personal values.

Somatic Marker Hypothesis

Neurologist Antonio Damasio’s idea that the bodily (somatic), emotional component of thought is a necessary part of problem solving and decision making.

Emotional Reactions

Emotional reactions are immediate responses of the emotional system to stimuli, characterized by feelings that range from happiness and joy to sadness, anger, fear, or disgust.

Right Frontal Lobes

Regions of the brain located in the right frontal cortex involved in managing emotions, making decisions, and controlling social behaviors.