market. Regulations always define the “rules of the game” in the economy. Economies that are primarily

market-oriented have fewer regulations—ideally just enough to maintain an even playing field for participants.
At a minimum, these laws govern matters like safeguarding private property against theft, protecting people

from violence, enforcing legal contracts, preventing fraud, and collecting taxes. Conversely, even the most

command-oriented economies operate using markets. How else would buying and selling occur? The

government heavily regulates decisions of what to produce and prices to charge. Heavily regulated economies

often have underground economies (or black markets), which are markets where the buyers and sellers make

transactions without the government’s approval.

The question of how to organize economic institutions is typically not a straightforward choice between all
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