In many economic system what goods/services are produced, how they are produced

Question

In many economic system what goods/services are produced, how they are produced and for whom is decided by the government-everyone receives healthcare it is paid for by taxes not by insurance premiums . In the U.S health care is decided by the market, deciding what to provide (what products to develop) how it is produced and who receives the output-who gets the care is primarily decided by the market. Compare the two systems and should the government decide the what healthcare, how and for whom?

Explanation / Answer

First is the example of a Planned economy where government decides what to produce , how to produced and for whom to produce. In this type of economy, government makes most of the economic decision. In this economy income and wealth distributed equally, production is used for need not for profit.

The second example is an example of Market economy, where private firms or individuals has the power to production. In this type of economy consumer and producers consumes and produce what they want. Here firms produce to profit and efficiency in market is achieved through demand and supply in the market not by the government.

Yes, government should decide what type of health care system is provided. Because in this case poor peoples are not afford the insurance premium or cannot use the private healthcare facilities due to higher price, so they can use health care , as it is avail at low cost or at free.

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