Note: Please hand write your answers on a sheet of paper and…

Note: Please hand write your answers on a sheet of paper and upload them to canvas. You may scan them or take a picture. Please make sure your writing is legible/readable and your images are clear. Alternatively, you may also type your answers however many of the questions require you to use illustrations to make your points. JPG OR PDF FILE FORMAT ONLY!   i. Based on the information posted on canvas, what is the main difference between a centrally planned economy and free market economy. Provide an example of each using the table above.ii. What incentives are created by both economic systems?iii. Suppose an individual can choose to live in either a free market economy or centrally planned economy, what aspects would cause the individual to choose one over the other? Describe the advantages and disadvantages of both to help you answer the question. Note: Please hand write your answers on a sheet of paper and upload them to canvas. You may scan them or take a picture. Please make sure your writing is legible/readable and your images are clear. Alternatively, you may also type your answers however many of the questions require you to use illustrations to make your points. JPG OR PDF FILE FORMAT ONLY!