Moral Economic System

Moral Economic System
Introduction
Creating a moral economic system should be the ultimate goal of every society. A moral economy is
one that is founded on the principles of justice, fairness and goodness. A moral economic system
ensures equitable allocation of resources which are scarce in nature and configures markets to
ensure that they run fairy. The end results are to realize a stable economy that is free from
exploitation, political insecurity and wars. A moral economic system fosters peace and satisfaction
among the citizens of a nation (SEA, Browne, & Milgram, 2009). It also creates a level ground for
fair competition among various economic drivers reducing negative rivalry that is retrogressive to
economic development and welfare hence the general improvement of the gross domestic product. A
good GDP creates a good environment to run economic activities which leads to the increment
government revenues and improvement of the infrastructure.
Free market and Capitalism
In a free market, the market is left under the control of demand and supply. However, this can be
taken advantage of by the capitalists who are out to leap the best from the economy. The profit
maximization that prevails in a free market is a threat to the move towards a moral economic system
(SEA, Browne, & Milgram, 2009). This is because capitalist have always found immoral ways of
interfering with the market forces of demand and supplies. For example, hoarding of goods have
been a common practice in free markets creating
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Cuba's Economic System
2.1 Different countries operate different economic systems to attempt to allocate resources
effectively. Research and explain the type of system operated in the following countries and reasons
why you think they follow these systems.
Cuba: Cuba's economic system object inhibited by the general efficiency and organization
disadvantage identifying of a communist authorities. Controlled by state–owned institution are
related to the discipline and thought upper class and the economy Continually to get from a
deficiency of strength intense by discrimination, corruption, and government officials. Not regime
aspects individual step by step enlarged but the lack of documented policy–making will for effort
leaves concern troubled inside a poor regulative ... Show more content on Helpwriting.net ...
Because at that place is state of beginning and way out and perfect substance firms will get average
profits and prices will be supported low by contending insistence.
A perfectly competitive market has the favorable characteristics based on some other organizations
and Primark:
 On that point are more purchaser and sellers in the market.
 From each one company form a related product.
 The purchasers and sellers individual approach to perfect data about price.
 At that place are no dealing costs.
 Here are no obstructions to debut into or outlet from the market.
Monopoly: It is a market composition in which location is only one manufacturer/marketer for a
trade good. In different oral communication, the respective business is the commercial enterprise.
Some characteristics of its based on Primark:
 First appearance into such a market is limited due to advanced costs
 Using some other impediments which is helps to get the pricing method and decisions output.
 It must be profitable, societal or policy–making.
 A native marketplace is a activity knowledge where combined company is the single origin for a
product
 There are no close at hand replacements for the trade good

The Four Functions Of An Economic System
An economic system is the result of individuals (consumers and producers), groups (firms, trade
unions, political parties, families etc) and the government coming together and interacting in a legal
and social society. The function of an economic system is to resolve the basic economic problem –
scarcity which means that the resources are limited but wants are infinite. This distribution has three
dimensions:
* What is to be produced
* How is it to be produced
* For whom is it to be produced.
There are 2 economic systems which are commonly used world–wide. There are: the free market
system in which the role for the government is limited and the planned system where the
government takes viturally total control. In both of these systmes ... Show more content on
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The resources are allocated through a planning mechanism. Some goods and services are prvided
free and some rationed or sold
The characteristics of a command economy:
* Factors of prodction are owned publicly by the government
* No one think of himself – Everyone is assumed to be working for the common good
* There are no free enterprise
* There is very little competition which gives rise to black markets
* Since there is no competition there is no price mechanism. The authorities set the prices, and they
are forced to set the prices low to make sure that it is affordable to everyone
* The government has the responsability of planning how all the resources should be used. The
decide what should be produced and in what quantities. In other words they set the output and price
levels.

What is to be produced?
The consumer does not have any control at all on what will be produced. The planners or the
government decide what will be produced, but the main problem which arouses is that the
government does not know what exactly the consumers need. In other words supply is dictated by a
governing body which tries to predict demand however this process is very difficult and it leads to
heavy losses.
How will it be produced?
There is no such thing as firms in a planned economy. The government direct the resources into
producing "units" They have no autonomy, so basically the government decides the quantities of
output and the methods of production
For

An Economy Or Economic System
An economy or economic system consists of the production, distribution or trade, and consumption
of limited goods and services by different agents in a given geographical location. The economic
agents can be individuals, businesses, organizations, or governments. Transactions occur when two
parties agree to the value or price of the transacted good or service, commonly expressed in a certain
currency.
In the past, economic activity was theorized to be bounded by natural resources, labor, and capital.
This view ignores the value of technology, and innovation, especially that which produces
intellectual property.
A given economy is the result of a set of processes that involves its culture, values, education,
technological evolution, history, social organization, political structure and legal systems, as well as
its geography, natural resource endowment, and ecology, as main factors. These factors give
context, content, and set the conditions and parameters in which an economy functions. The largest
national economies by continent are: the United States in the Americas, Germany in Europe, Nigeria
in Africa, China in Asia and Australia in Oceania.
A market–based economy is where goods and services are produced without obstruction or
interference, and exchanged according to demand and supply between participants by barter or a
medium of exchange with a credit or debit value accepted within the network, such as a unit of
currency and at some free market or market clearing

Economic Systems In The United States
There are many different economic systems around the world that are tailored to fit the needs of
each and every country. Command Economy, Mixed Economy, Market Economy, Traditional
Economy and Free Enterprise are a few. These systems help round and establish our world today
and create our future.
Command Economy is one of the few types of economic systems that are used worldwide. For this,
the government controls the economy and may even determine what sorts of work individuals do.
This type of economy tends to develop when a country finds itself possessing a large amount of
valuable resources. The government then regulates the resources, usually they will own everything
involved in the industrial process. Some advantages would be that the ... Show more content on
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Ownership of property and the freedom to create the means of production are guaranteed under a
free enterprise model. Singapore and the United States are frequently cited as having among the
freest economies with less government interference than their economic peers. The European free
enterprise model, has much stricter regulation in comparison to America's. An advantage would be
that this system maximizes profits whereas the disadvantage is it maximizes profits above
everything. This system is still in use today with Canada, United States, and

Economic Systems, Capitalism And Socialism
Economic Systems
People can use economic systems to build empires and destroy civilizations. The society 's featured
in the books 1984 by George Orwell and Fahrenheit 451 by Ray Bradbury did just that. Both took
advantage of some form of an economic system to achieve their respective goals. Whether it be the
command economy of Oceania, or the overly consumerist economy of the dystopian United States,
they both employed economics to their benefit. Economics is the science of scarcity. Scarcity is
when you have a population with unlimited wants coupled with limited resources. Economics deals
with the production, distribution, and consumption of goods and services. An economic system is
how a society deals with these factors. The three main questions that an economic system is
supposed to answer are what will we produce? how will we produce it? who gets it? Answer these
questions and you have an economic system (Hettige). This report will cover the two main
economic systems, capitalism and socialism.
Capitalism
Capitalism promotes private ownership of the means of production, or resources, to produce goods
and services for profit. In other terms, private entities purchase resources; be it labor, natural
resources, or factories to create goods to sell for profit. Capitalism promotes that people build up
their own wealth and that all, or most, available resources be privately owned. Production in
capitalism is controlled by supply and demand and individuals purchase products on

Capitalism: A Superior Economic System Essay example
Capitalism:
A Superior Economic System
People generally enjoy having money in their possession because it gives them a feeling of power
and freedom. Having money gives people the freedom to spend it on what they choose and the
power to make more if they wish. Working in order to make money provides people with a sense of
independence and pride while learning responsibility. In a world where the majority of people like
possessing money and having the opportunity to obtain more of it, the majority of people should
prefer having a capitalist economic system over having a socialist one. There are many arguments
that support and explain why capitalist economic systems are superior to socialist economic
systems.
First and foremost, a ... Show more content on Helpwriting.net ...
Due to the lack of motivation in socialism, people's desire to be excellent and efficiently working
employees decreases tremendously. This is because people will see no reason to work hard if they
will not receive any more or less for their efforts or the lack thereof ("Socialism"). Therefore, a
capitalist economic system is far superior to a socialist economic system in the sense that it offers
rewards for effort whereas socialism does not. Although the capitalist economic system is a great
motivator, it also enables an economy where businesses and people can compete against each other
in attempt to be more successful than others.
Capitalism, which has a free enterprise market, allows competition between businesses. A capitalist
economic system results in a competitive market where there are many companies that provide
similar products or services. In order for the companies to outdo their opponents, the companies will
often change and improve the price, the quality, and/or the quantity of goods or services (Deane). A
competitive economy drives people's ambition to constantly be improving and making changes to
their businesses (Burke). Just imagine if cell phone companies were not competing against each
other, the iPhone might have never been invented. However, socialism does not encourage
competition or innovation within the society.

Advantages And Disadvantages Of Market Economics:...
Market Economics
Market economics is an economics system in which economic decision including the production,
distribution and the pricing of goods and services are determine by the private company and
business. This economics system is a free market economics that the price are determine by the
demand and supply of the products. In other word, the price of goods and services are freely set
between the buyer and seller by consent. If the price of the goods and services set by the seller are
too high then the buyer are free to choose not to buy it or buy from other sellers. This will bring the
pressure to the supplier when they set the price. Therefore they will keep the price low and set a
reasonable prices based on law of demand and supply. In ... Show more content on Helpwriting.net
...
For example, the government restrict monopolies to control the market. The government will
balancing the economy of country by reducing the unemployment rate and collecting tax from those
who have more income then use it to help those people who suffering in economy problem.
Government provide public good such as national defense that the private company has not effort to
provide. The goods and services provided by the private company are private good such as a
restaurant provides foods to its customer. There are some advantages to market economics. People
have more freedom and have the ability to voice out in the market. This is because government are
only involves a small part in this economy system. Since this is free market system, the most desired
product are produced because buyer are only willing to pay higher price for the thing they want.
This also make those company become more efficient because they need to produce more product to
earn more profit. Besides that, there will be more new products being created to meet the needs of
consumer in a more efficient way. There are some disadvantages in this economics system. Those
people who are rich start to earn more money by exercise a unreasonable

Introduction to Economic System
What is system?
System (from Latin systema, in turn from Greek systēma) is a set of interacting or interdependent
entities, real or abstract, forming an integrated whole.
A group of interdependent items that interact regularly to perform a task.
Economic System
An economic system is a system that involves the production, distribution and consumption of
goods and services between the entities in a particular society. The economic system is composed of
people and institutions, including their relationships to productive resources, such as through the
convention of property. In a given economy, it is the systemic means by which problems of
economics are addressed, such as the economic problem of scarcity through allocation of finite ...
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A central directorate controls the production of goods and services. The directorate decides the
nature, quantity, and mood of production of goods. This distribution of goods is also directed by the
central body.
Socialism refers to a broad set of economic theories of social organization advocating state or
collective ownership and administration of the means of production and distribution of goods, and
the creation of an egalitarian society.
Modern socialism originated in the late nineteenth–century working class political movement. Karl
Marx posited that socialism would be achieved via class struggle and a proletarian revolution which
represents the transitional stage between capitalism and communism.
Socialists mainly share the belief that capitalism unfairly concentrates power and wealth among a
small segment of society that controls capital and creates an unequal society. All socialists advocate
the creation of an egalitarian society, in which wealth and power are distributed more evenly,
although there is considerable disagreement among socialists over how, and to what extent this
could be achieved
Some features of socialism are written below 1. Socialism is not a discrete philosophy of fixed
doctrine and program 2. Its branches advocate a degree of social interventionism and economic
rationalization, sometimes opposing each other. 3. Another dividing

Harley-Davidson Economic System
The different economic systems
There are four main classifications of the economic system: mixed economy, socialism, capitalism,
and communism.
A mixed economy is a mixture of capitalism and socialism. Personal possession of large company is
probable; there is just a higher amount of taxation on these businesses. This is common economic
structure as most established or emerging countries have implemented it, including the United States
of America. Meanwhile America has free market abilities with tolerable government influence, as
opposite to comprehensive or nonexistent intrusion, all methods of business could grow in a
sensibly modest manner.
Next would be socialism, a minor step up from communism as it identifies that most companies
should ... Show more content on Helpwriting.net ...
Harley–Davidson has succeeded in many other countries apart from America because of its steady
supply chain and desirable prices. The countries it may have failed in either already had an
inexpensive product or its supply was weakened by small commercial dealers. If Harley–Davidson
did not start or spread through varied economies, it would be a totally changed company today. If
Harley–Davidson were started and operated in an unadulterated capitalist economy, there would be
no boundaries. No boundary on what it could retail, and for what amount. No quality requirements
for imported and exported products. No minimum limits for supervisors and they could fire anyone
they deemed unfit for any reason. The laws in place that guard customers and employees from
careless business practices would not apply in a country that has no part in the choices companies
make. Businesses would have more control than the government and Harley–Davidson Motorcycle
Company would be the only company

Advantages And Disadvantages Of Mixed Economic System
Economic System
In study of economic, there are many economic system .Economy system is the structure of
production, distribution of economic input and output and consumption of goods and services in an
economy. There are 3 types of economic system such as planned economy system (command
economy), mixed economy system and free market system (market economy). So, different
countries have different economy system.
The Mixed Economy System Of Malaysia
Mixed economy system is the centrally planned economy system combine free market economy
system. Put in simply, mixed economy was included free enterprise and government control or some
form of direct intervention by government. There ... Show more content on Helpwriting.net ...
This is another disadvantage as can be noticed in the international firms that maintain presence in
the country. This is because there is a need for competitiveness to be on a level ground if these firms
are to be profitable, but the note from all indication is that the chances of these firms to successes
are limited as a result of the limitation in their competitive capacity because the government has
already given the local firms a higher competitive advantage by imposing higher task on
international brand, and limiting the chances of these international brand to adopt price–based
competitive

Economic Systems And The Economic System
Throughout homo sapiens evolution tribes managed resources the most efficient ways possible
(given their acute primitiveness). For those thousands of years as tribes, they expanded their
intellects and became less self–reliant, moving away from hunting and gathering. Humans started to
invent new technologies that made their lives easier; thus, individuals specialized in producing or
providing these goods and services to fellow tribe members. As they cultivated ever more superior
technologies the standard of living grew. This gave way to exponential population growth, towns,
cities, kingdoms, and empires were established. Macroeconomics arose as societies devoted time
and energy into governing their factors of production and maximizing ... Show more content on
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In addition, the buyer and seller consider their own personal gain when exchanging, thus, self–
interest is the motivating force in the free market. The struggle among producers for the dollar of
consumers is competition; it is the regulating force behind the free market. Competition pushes
businesses to produce goods of higher quality and moderate their desire to raise prices. To
summarize, the free market elevates the standard of living, economic efficiency, economic freedom,
and economic growth. Nevertheless, a free market system's shortfall is that it cannot achieve
economic equity and economic security easily. Consequently, the centrally planned economy exists
to achieve the weaknesses of the free market. In a centrally planned economy, the government,
rather than individual producers and consumers, answers the key economic questions. The
government controls all factors of production and directs workers to produce a certain number of
goods. Command economies oppose private property, free market pricing, competition, and self–
interest. However, command economies do not perform well in practice, lacking logistics to
coordinate an entire economy, reducing efficiency and economic growth. Thus, countries with
central command are going through an economic transition into mixed economies. Mixed
economies are a market–based economic system in which the government is involved to some
extent; the government

Economic Systems And Economic System
Economic system
"Economic system is that it consists of those situations which a given people or nation has nations
has chosen or accepted as the means through which resources are utilized for the satisfaction of
human wants." (studylecturenotes.com, 2016)
Economic system allows countries to follow procedure to produce goods using resources available
in the countries. It allows the countries to know how much and for whom to produce. There are
different types of economic systems in different countries and they all have their different
regulations according to their planned economic system. There are two different types of market:
Free Market and Planned market.
Free market
"An economic system in which prices are determined by unrestricted competition between privately
owned businesses" (oxforddictionaries.com, 2016)
The free market is the economic system where the government has no or few restrictions on buying
and selling goods from different countries. There are no tariffs or regulation processes being
determined for trades. This is a very good economy to start a business has it has no interest rate,
exchange rate or any force to stop them exchange their commodities in order to trade with different
countries. The free market allows the individual or group of people running the business to make
decision by themselves and allow that ease to trade with different countries at fair exchange
schemes.
UK as Free Market:
"The UK is the 9th Largest export economy in the

Fundamental Problems of Economic System
UNIT 1 – FUNDAMENTAL PROBLEMS OF ECONOMIC SYSTEMS
1.1 INTRODUCTION
In this unit you will get acquainted with the fundamental problems of the economy. The
understanding of the concept will help you bring closer to the basic idea of the economy's problems
as well as remedies of such problems. In this unit you will get detailed description of what is an
economic system, problems of economic system, factors of production, concept of production
possibility curve, and the fundamental of allocation of resources in different types of economies.
1.2 AN ECONOMIC SYSTEM
Before we further move on we have to know about the sources of economic problems and a brief
about the economic system.
1.2.1 Scarce Means and Unlimited Wants
Want is Want is an ... Show more content on Helpwriting.net ...
1.3 FACTORS OF PRODUCTION
Production process is an end to end activity which means that there is a relational pedagogy between
input and output. Factors of production also known as productive inputs are the resources employed
to produce goods and services, thus it constitutes the input part of the production process. Factors of
production involve in the production process and improves the working of the process but do not
form the ultimate part of the product. Factors of production can be broadly classified as: 1. Land 2.
Labour 3. Capital 4. Entrepreneurship
1.3.1 Land
In economics, land includes all natural resources which are free gift of nature. Thus, by land
economists do not mean only agricultural soil, but also other natural resources such as minerals,
water, climate and forests. Payment for use of land per period is called Rent.
Land as factor of production implies the ground used to built and start the production moreover it
serves as a pool of various minerals and valuable natural resources which facilitates the human
mankind. Land is a fixed factor of production and thus it is not possible to increase. Land helps to
facilitate the production only if the efficient workforce is used to generate the maximum output out
of the limited resource. This means optimum utilisation of resources.
1.3.2 Labour

Labour represents all physical and mental abilities which people can make available for production
of

Private Economic System
The economic system adopted in the United States is the private enterprise system. This system,
supports private individuals that recognize and serve the needs and demands of consumers. The
private enterprise system lessens government interference in the economy. Consequently, businesses
that satisfy and adapt to consumers' needs are the ones who profit and succeed. This competition
between businesses gets rid of businesses that are not able to produce the best product at the best
price. This type of system is also known as capitalism. In Adam Smith's The wealth of Nations it is
indicated that capitalism is threatened by privileges extended to certain members of the economy at
the expense of others. Thus, it is pertinent to have the rights to private property, profits, freedom of
choice, and competition for capitalism to function properly. ... Show more content on
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This right is essential in the trade of goods and services because it warrants consumers the
permission to purchase their demands. The right to profit is also important in capitalism because it
necessitates for people to abandon the security of working for someone else and assume the risks of
entrepreneurship. Entrepreneurship is important because it brings new products and ideas to the
market. Also, Freedom of choice allows individuals to change jobs, negotiate wages, join labor
unions, and choose among many different brands of goods and services. By supplying different
choices, the private enterprise system increases citizens' prosperity. Lastly, competition occurs when
two or more businesses vie for the same resources or customers and it is the invisible hand that
guides capitalism. The right to fair competition enables rules to be laid out to prevent certain
businesses from obtaining unfair advantages. Additionally, consumers' ability to choose which
product is best is

Economic Systems And Economic System
An economic system governs how a society's resources are allocated between people, and so the
question of its morality is immensely important (Winfield, et al, 2014). This essay will analyse the
different economic systems by considering the two economic systems that fall on the extreme ends
of the spectrum of economic systems, these being capitalism and socialism. It will further discuss
the characteristics of each of these economic systems and based on these, argue that the mixed
economy is the best alternative economic system. The forms of regulations that create efficiencies
and those that create inefficiencies will be argued for and the importance and benefits of these
regulations will be analysed. .
A capitalist economic system is one that is predominantly characterised by free markets, private
ownership and limited government intervention. Free markets are commonly known for their ability
to achieve economic efficiency primarily through the volunteer nature of exchange and the existence
of competition amongst producers (Winfield, et al, 2014). Adam Smith believed that the goal of
every economic system should be to achieve economic efficiency through the mechanisms of
productive and allocative efficiency. Productive efficiency can be defined as producing goods and
services for the lowest cost while allocative efficiency is more concerned with the distribution and
allocation of resources in the economy to where they are valued most and can attain maximum
satisfaction for

Economic System
Microeconomics Paper: Economic systems
Yang Cong
Professor Memmos
Aug 1st, 2012
Table of Contents
1, Introduction of economic systems
2, the analysis of capitalism
3, Example of capitalism: the U.S.
4, the analysis of socialism
5, Example of socialism: China
6, the analysis of communism
7, Example of communism: North Korea
8, my favorite one is socialism
9, Conclusion
There are three main economic systems in the world which are capitalism, socialism and
communism. Nowadays, most developed countries are capitalism and they have certified that
capitalism is better; the greatest developing country which owns the second high GDP in the world,
China, is socialism, it seems that socialism is not bad; only a few countries are ... Show more
content on Helpwriting.net ...
American government always complies with Keynesian for a long time, and believes that the reason
that total social supply is not the same to total social demand is the lack of effective demand (the
analysis of American economy)." So most of the successive governments implement the
expansionary deficit policies, in order to deal with cyclical fluctuations, and stimulate effective
demand artificially. Deficit policies are easy to make economic bubble to stimulate the excessive
consumption and promote market false prosperity, especially in the financial markets, it also has
contributed to raise inflation rates. Once the bubble bursts, the economic crisis would be coming.
"Socialism is an economic system characterized by social ownership and cooperative management
of the means of production, and a political philosophy advocating such a system (Wikipedia)." In
socialism, the government needs to control the whole market in order to promote the productive
power according to the current market situation. The main economic strategies are based on the
market and include more government control than socialism. This is the best advantages of
socialism because when the economic crisis was coming, the government could adjust the macro–
control policies and introduced a series of initiatives to expand domestic demand and promote

economic development. It achieved success quickly and efficiency. But, socialism is easy to
establish monopoly enterprise. These

Economics And The Classical System
1. Economics would be better described by a variation on the term 'chrematistique' rather than our
current discipline's name, which stems from 'oeconomica' because there is a "natural" way of
making money and the "unnatural" way of making money. In the book Teachings From The World
Philosophy it states that there are the elements of true wealth but there is also another art of
acquisition, which is commonly and rightly called the art of making money (Heilbroner 8). I believe
that there is a merit in splitting economics into Marginalist and a Classical approach to economics
because the classical system was a circular process between production and consumption and
Marginalism is a one–way avenue from production to consumption. If these did not spilt then I
believe no one would agree on anything because they are two different views which also I believe
gave us the best possible set up because it allowed to perspectives for people to think about.
2. Economics did not exist for many centuries still after Aristotle defined the root 'oeconomica'
because in the early portion of civilized life there were only two method; traditional and command.
Traditional was the passage of tasks/jobs, from one generation to the other, which still holds in some
under develop countries and command, which was the enforcement of economic survival by
dictatorship. Both of these worked because they were simple and did not need any economic
expansion, which means there was no need for and

The Mixed Economic System In The United States
All countries around the world have some form of economic system that is there to provide a basis
on which their economies can grow and prosper. Current economic systems are based on growth to
remain stable to be successful. Sustainable economies are when the output is steady over the long
term but may change in the short term an economic system that does not promote growth is going to
collapse. In economics capitalism and socialism influence views on how the economy should be
managed. Capitalist argue that the economy should encourage innovation and freedom to provide
people with the highest standard of living possible, and socialist argue that the economy should
provide a degree of equality so the pie is evenly split and everything is fair. ... Show more content
on Helpwriting.net ...
Economic policies are there to ensure that the economy will remain stable in the future and also
ensure that everything is being run fair and everyone is getting equal opportunity. Mixed economies
can enact policies that benefit both the consumer and business. In a mixed economy the government
and market work together to determine the best policies for future long term stability and growth.
During a recession in a mixed economy the government will put more money and resources into the
public sector, such as repairing roads, building schools and hospitals and create more jobs. The
government will also lower taxes so consumers have more money to spend.
(http://econsguide.blogspot.ca/, 2009). Private sectors main interest is to make a profit and not the
state of the economy such as inflation and unemployment is not their concern although they
contribute to it. (http://econsguide.blogspot.ca/, 2009). The government acts as a referee carefully
enacting policies that benefit the greater good and improve the economic stability. In times of slow
growth and recession the government can take control and regulate the economy to prevent further
slow growth and bring the economy back to a stable state. At the same time corporations are free to
manage their own business provided they agree to the rules and laws set by the government. A
mixed economy has more

Command Economic System
There are different types of economies, but the most common economic systems today are market
and command economy. Command economy is where there is a central authority that is basically in
charge of the what, how, and for whom decisions. All of the economic decisions are made by the
government. If the people make any type of decision in the economy then there is barely any
influence over how the basic economic questions are answered. In the market economic system, the
people and firms act in their own best interests to answer the what, how, and for who questions. The
system is arranged that allow buyers and sellers to come together in order to exchange goods and
services. The people are basically the center of the decision making; they are what ... Show more
Now, someone who lives in honk Kong can start a business up in a few hours. This allows the
people of the country to make a lot of money because they won't have to work for someone, they
will be in charge of what they produce and what they sell to be successful in their companies. The
way the government of Hong Kong never goes bankrupt is they charge 15% on taxes. For most of
the people that's a lot of money being taken away but for people who take risks and chase their
dreams, this won't be a problem. The same goes for the Unites States, they are risk takes.
America is not even the biggest country in the world but it produces the most goods and services.
This is because the U.S government is not care takers, they will let the people do what they want
and be successful in their businesses. America is always open for new ideas. That is why America
will remain number one. Both socialism and capitalism can be debated which one is the best or
which system operates better. The point is that one lets you take risk and another will always have
the answers there for you. Both can benefit you but one will pay off more in the end if you take risk
and

Socialism
Today, more than ever, there is great debate over politics and which economic system works the
best. How needs and wants should be allocated, and who should do the allocating, is one of the most
highly debated topics in our current society. Be it communist dictators defending a command
economy, free market conservatives defending a market economy, or European liberals defending
socialism, everyone has an opinion. While all systems have flaws and merits, it must be decided
which system is the best for all citizens. When looking at both the financial well being of all
citizens, it is clear that market economies fall short on ensuring that the basic needs of all citizens
are met. If one looks at liberty and individual freedom, it is evident ... Show more content on
Helpwriting.net ...
"The population of unemployed and underemployed explodes. There is a vicious circle here.
Because so many seek work, wages are very low. Because one wage cannot support even a small
family, more and more family members must seek employment. This move adds to the pool of labor
and further depresses wages." (Syracuse U. Press) Further, if wages begin to rise in one country,
other countries seize the opportunity and lower their wages even further. With this cycle of falling
wages and more and more people needing jobs, poverty increases drastically. With wages so low,
the owners of these large companies get richer and richer–the vast majority of wealth in a country
becomes concentrated in one small group of people. While this is good for those few, the vast
majority of citizens are shorthanded. Capitalism is an excellent system for the elite and for
increasing efficiency, but as far as providing for the needs of all of its citizens, it falls short. Thus,
capitalism is a system that causes and perpetuates poverty, and exploits its lower class. Capitalism,
or market economies in general, are systems of greed, and therefore support and commend
corruption. In a capitalistic society, everything is based off of greed and self interest. People are
forced to provide their own means, because no one else is going to do it for them.

Economic System Advantages And Disadvantages
Economic System
There are many economic system in the study of economy .Economy system is the structure of
production, distribution of economic input and output and consumption of goods and services in an
economy. There are 3 types of economic system which are planned economy system (command
economy), mixed economy system and free market system (market economy). Therefore , different
countries have different economy system.
The Mixed Economy System Of Malaysia
Mixed economy system is the centrally planned economy system combining free market economy
system. In simple words, mixed economy includes free enterprise and government control or some
form of direct intervention by government. ... Show more content on Helpwriting.net ...
This is another disadvantage as can be noticed in the international firms that maintain presence in
the country. This is because there is a need for competitiveness to be on a level ground if these firms
are to be profitable, but the note from all indication is that the chances of these firms to successes
are limited as a result of the limitation in their competitive capacity because the government has
already given the local firms a higher competitive advantage by imposing higher task on
international brand, and limiting the chances of these international brand to adopt price–based
competitive

Economic System And Economic Systems
For this essay I will be focusing in on the three different economic system,which are known as
centrally planned economy, mixed economy, and market economy. I will also be explaining why
internationalizing firms should be aware of the differences between all three economic systems and
what roles should the government be taking in the free market systems. Before I begin defining the
different economic systems I would like to first explain what an economic system is. Every country
differs in what economic system is being used. An economic system is a system of producing goods
and the exchange of goods and services. An economic systems also includes a process which is used
to allocate its assets. Culture can have a big impact because of a country 's economy. Just as a
country 's economy state differs from country to country so does its culture. Why does it have an
effect on a country 's culture we ask? The difference between having an individualist or a collectivist
culture is where we see it. In an individualist culture we see more people being rewarded then we
see in a collectivist culture. Being rewarded with things such as low tax rates which inspires them to
continue with their activities of their culture.
As mentioned in Chapter 7 no nation is either considered to be fully individualist or fully
collectivist. National economies are arranged on a scale in which we see the three different
economic systems. The scale is setup in a way in which centrally planned economy is

The Economic System Of The Uk
Report by AI BING
The economic system in the UK, and evaluate its effectiveness.
Introduction
Firstly, British economy introduction. Secondly, the top field in the UK. Then is fortune global 500.
Finally, the economic impact to the people.
The British economy as an important trade entity, economic power and financial center, is the
world's fifth–biggest economy, is one also the world's most affluent, the most developed and one of
the highest living standards in the world. It is important that British capital London is one of the
world's two big international financial centers, along with New York. This report will discuss the
economic system in the UK, and evaluate its effectiveness. (Internations, 2016)
Content
The British economic system has six major categories. In agriculture, British agriculture is highly
concentrated, highly mechanized and efficiency is very high. In heavy industry, Britain has large
coal, natural gas and oil reserves. In tourist industry, Britain's tourism industry is very important,
each year more than 27 million Chinese tourists visit the UK, ranked seventh in the world. In
manufacturing industry, Britain status has declined but we still manufacture petroleum products,
computers, televisions and mobile phones. In service industry, particularly banking, finance,
shopping, insurance and business services as a share of GDP, the largest and leading status in the
world. In education, British education is a world leader include education and

Worldwide: The Different Economic Systems In The United...
Economic Systems Worldwide Throughout history there have been many world powers rise and fall.
Each has put into place an economic system by which the buying and selling of goods is regulated.
Many smaller civilizations/groups live by the ideals of a traditional economy. Some governments
have utilized more people friendly systems such as a free market or capitalism, whereas others have
put into place systems like command economies. There are also many countries today who
incorporate ideals from two economic systems to form a mixed economy. The traditional economy
is one of basic principles and unlike others, a lack of greed. A traditional economy is defined by the
balance as,
"A traditional economy is a system that relies on customs, history and time–honored beliefs.
Tradition guides economic decisions such as production and distribution. Traditional economies
depend on agriculture, ... Show more content on Helpwriting.net ...
A mixed economy is simply a combination of the foundations of two different economic systems.
There are many countries considered to have mixed economies in the world today. One of the more
prominent is France, home to the fifth largest economy in the world as of 2009 according to an
article found on ehow. The French economy is a combination of capitalism and socialism that has
proved very effective. Their private sector revolves mostly around their vast agriculture, but there is
also a large government influence in the country whereas the hand the government has in a true
capitalist economy is much smaller. All things considered, mixed economies could very well be the
most effective system. Countries like France are able to take the best part of two systems and work
with the product of the two. As with all systems, there are disadvantages. According to an article
found on Boundless, most mixed economies tend to lean more towards government control rather
than economic freedom. At the end of the day, some freedom is better than

Taking a Look at Economic Systems
School of Economics
Table of Contents:
1. Introduction
–what is an economics system?
–types of economic systems
2. Literary Review
–on traditional systems
–on command system
–on market system
–on mixed economic system
3. Critical Analysis
–on traditional systems
–on command system
–on market system
–on mixed economic system
4. Recommendations
5. Conclusion
6. Reference List
1. Introduction
What is an economic system?
An economic system is a system of production and distribution of goods and services as well as
allocation of resources in a society. It includes the combination of various institutions, agencies,
entities (or even sectors) and consumers that comprise the economic structure of a given
community. (Wikipedia, 2014)
Every society must consider what and how much resources they have and then answer the basic
economic questions of; what to produce? How to produce? and for whom to produce?. How society
answers these questions determines the nature of their economic system. (Rosen, 2011:10)

Types of economic systems
There are four basic types of economic systems in the world: Traditional economy system,
Command economy system, Market economy system and Mixed economy system. Traditional
systems have one method of working and people in traditional economies often live in rural areas
and earn their living from hunting or farming. In command systems, the government owns some or
all the resources. The resources in the market system

Mixed Economic Systems
Economic system of a country
Identify and evaluate the economic system that Malaysia is adopting. Discuss the rationale of
Malaysia's economic system in terms of utility maximisation and pricing mechanism for distribution
of goods and services.
An economic system is the combination of the various agencies, and entities that provide the
economic structure that defines the social community. Malaysia has adopting mixed economic
systems. Mixed economic system is an economy where there is more government intervention than
in a free market economy. Many of the activities of production, distribution, and exchange are
undertaken by central government, but where there is more economic freedom for the individual
than in a command economy. ... Show more content on Helpwriting.net ...
oil, gas and water systems for drinking, agriculture, and waste disposal. This also providing some
autonomy over personal finances but including involuntary spending and investments such as
transfer payments and other cash benefits such as welfare for the poor, social security for the aged
and infirm, government subsidies to business and mandatory insurance (example: automobile) and
restricted by various laws, regulation like environmental regulation labor regulation including
minimum wage laws, consumer regulation (example: product safety), antitrust laws, intellectual
property laws, incorporation law protectionism, import and export controls, such as tariffs and
quotas and taxes and fees written or enforced with manipulation of the economy in mind. The
advantages of mixed economic in Malaysia are people can make their own decisions ,
The Malaysia government has limited control which is good for structure . It also provides freedoms
such as enterprise ownership, social Welfare, profit Earnings, political Freedom., All national

Advantages And Disadvantages Of Economic Systems
An economic system defines how the various sectors of the economy interact. In modern times,
people have defined economic systems to include government policies. In the olden days, economic
systems were pretty simple, as people used the trade by barter system which was very straight
forward. There were few treaties and almost no real rules of engagement. In this type of trade, you
only exchanged goods that you had for what you needed, or wanted. However, in modern monetary
economies, the setting is quite intricate. Huge established companies have a lot of influence in the
way business is done. Treaties and agreements are made every day, and governments have made
numerous laws to define trade, thus warranting the need for a more comprehensive ... Show more
They do not have to produce what the government tells them to produce. This freedom, creates
competition which forces companies to create new products and features. A good example of this is
the cell phone market, as new phones are released each year, as individuals create new ideas and
new features for their consumers, another advantage is that due to consumer driving decisions, it
forces the producer to meet the requirements or features required by the consumer as it influences
the price of the product (Educator, 2015). However, from the advantages, a series of disadvantages
occur. Businesses driven by a profit motive may create a sense of danger for the business. This
could be as a result of poor working environment and unethical decisions may be taken by business
owners to try and gain some profit (Educator, 2015) . The market economy may also cause the
markets to crash as it happened to the United States during the great depression, thereby creating a
huge number of unemployed citizens which could lead to the devastation of families (Educator,
2015).
Despite the effects of the depression and economic downturn in the early 2000s, the USA continues
to operate as a market economy (Educator,

Pros And Cons Of Command Economic System
Economic Systems
In today's world, we are faced with the everyday question of what the best way to run an economy
is. There have been many different attempts to create the perfect economic system that adjusts to the
needs of each citizen, while maintaining a strong market system in which the people create ideas
and product and keep control. However, there has yet to be the perfect system that comes with less
risk than potential, and it is most likely that there will never be a system where cons are not attached
to the pros. Command, Market, and occasionally Traditional are the three main types of economies
we see today, and each one offers a different set of positives that the others can't. An idea that has
always been represented in the world has been a command economy. This is an economic system in
which a central power holds control of the economy, and regulates it. Countries like Cuba, China,
and North Korea practice this economy in forms of communism. Socialism can fall under this
category as well, however as it requires a government ... Show more content on Helpwriting.net ...
The governments of these economies limit regulations and provide a large amount of economic
freedom. Countries like Hong Kong, Singapore, Australia, and the United States each have their
own version of a market economy. Because of the economic freedom, these countries are very
strongly business centered and run off of the motivation of their citizens working their way to the
top, or being able to have a family. Economic efficiency and growth are also major factors, and the
state of the economy relies heavily on these things in order to be the best it can be. The tradeoff,
however, is that the governments cannot guarantee that citizens needs will be met. With freedom,
there will be a large lack of equity as many citizens won't achieve. Countries like the United States
attempt to have security nets in place to help, but these can only stretch so

Compasive Essay : Capitalism Is The Two Social And...
Capitalism
For this assignment I will be doing a persuasive essay on why I believe capitalism is my preferred
economical system. Capitalism and socialism are the two social and economic systems I will be
comparing and contrasting. I believe that both have some advantages however the disadvantages of
socialism to me is greater. I will be defining both socialism and capitalism, comparing them,
contrasting them, and explaining why capitalism is the better choice. Before giving my opinion of
the two economic systems I feel it is important for the reader to understand the definition of each of
these. Capitalism defined by the dictionary is "an economic system in which investment in and
ownership of the means of production is made by private individuals" (Dictionary n.d). Where as
socialism is defined as a system where ownership and control are owned by the state, or public. The
way the words are defined and understanding their definitions are important in explaining my
opinion of the two. With capitalism you can become successful by having goals, following your
goals, and having the correct mindset. With socialism you don't have the same opportunities to be
successful. Comparing socialism to capitalism is a very difficult thing to do because they are both so
different. With capitalism people have the ability to create their own business, create their own
wealth, and create their own success. However, with socialism you don't have the same
opportunities. In socialism systems everyone works the same as capitalism, but the wealth you
acquire by means of work is distributed to everyone. Meaning you can work harder, be better, and
do more but earn less if that is how the wealth is distributed. In capitalism which is far superior in
this scenario because you can be self–made. You can be someone who grew up with nothing, from a
poor family. However, you still have an opportunity with the right mindset to be successful and
wealthy. I do not believe that a person's success is measured by his or her wealth however you are
less likely to be successful or wealthy in a socialist economy. I would like to use a comparison of
two students as an example of what I mean. Student one studies every single night during high
school

Economic Systems
Introduction
Economic systems are organized way in which a state or nation allocates its resources and
apportions goods and services in the national community. An economic system is slackly defined as
country's plan for its services, goods produced, and the exact way in which its economic plan is
carried out. There are three types of economic systems exist, they are command economy, market
economy, and mixed economy. Command economy is also sometimes called planned economy. The
expectations of this type of economy is that all major decisions that related to the construction or
production, distribution, commodity and service prices are all made by the government. However, in
market economy, national and state governments play a ... Show more content on Helpwriting.net ...
Prices also have the function to allocate and distribute a country's resources. Market leads to
complete effectiveness bringing about the best possible distribution of a country's resources in a
perfect world. This would only happen in a state of equilibrium and there is a unique price for every
commodity. But in a realistic world which is imperfect by nature, prices are never at equilibrium and
very unstable depending upon the vagaries of the market forces. This generally harms people living
below the poverty line. It is impossible for them to pay high prices in cases of demand shortage.
Thus, the free market model is not a viable option in developing countries which has a large number
of poor. Besides, producers are aim to minimize profit and maximize rent of production. Examples
of countries that are using this economy system are Hong Kong, USA, and UK. Many developing
countries like India and China are moving towards totally free–market economy. The command
economy is government directed. The market forces have very little say in such an economy. There
is no private property. On the other hand, a command economy aims at using all available resources
for developing either in advertising or marketing. In order to ensure that the required inputs are
available, the state would probably conduct some form of input–output analysis. All industries act as
the input from other industries and the producers act as the

An Analysis Of America's Economic System
Economic systems deal with beliefs & activities that administer products or services for consumers
of a population. There are three unequivocal economic systems capitalist, socialism and mixed
economy (Cullen, Parboteeach, 2014, p.92).
After careful analysis and research, America's economic system best relates to a mixed economy,
which is consternation to me. While manufacturers have control over production and sells, the
government plays a role in economic decision. Individuals & corporations own the factors of
production; government enforces oversight on laws & legislature ("U.S. Economic System –
TheUSAonline.com," n.d.). The German economic system is "Soziale Marktwirtschaft" translation
socialism, which there is central ownership of capital

Political and Economic System
World Geography and Culture
Spain
Analysis of the Political and Economic Systems
Table of Contents I. Introduction (abstract) II. Political System a. Type of Political System b.
Structure of the Government c. Identify a current law/policy law d. Impact on society III. Economic
System a. Type of economic system b. Identify a current economic issue c. Government role in
address the issue d. Impact on society IV. Compare Contract a. Economic issue country of origin V.
Conclusion
Abstract
In this essay, I had to assume the role of a politician and an economist. The country of Spain has
many different political issues that can impact the society based on the structure of the ... Show
more content on Helpwriting.net ...
Economic System
Spain's economy is a well–based way to equally spread money to all of the people. Some of Spain's
natural resources include coal, lignite, iron ore, uranium, mercury, pyrites, fluorspar, gypsum, zinc,
lead, tungsten, copper, kaolin; hydroelectric power. Spain's currency is the European Union euro.
Spain's imports include machinery and equipment, fuels, chemicals, semi–finished goods,
foodstuffs, consumer goods, measuring and medical control instruments. In 2011, the amount of
money that Spain received for imports was $364.9 billion. Some of Spain's exports include
machinery, motor vehicles; foodstuffs, pharmaceuticals, medicines, other consumer goods. In 2011,
the amount of money that Spain received for exports was $309.6 billion.
The gross domestic per capita is thirty three thousand six hundred euros a year. In labor force 2.4
percent goes to agriculture, 24 percent to industry, and 71.1 percent to services. Spain came out in
the number one position because it is a sunny country, because its citizens enjoy shorter working
hours and more days holiday, because energy and lifestyle costs are lower, because the government
invests into education and healthcare, because the average age at which people die is higher than in
most of Europe and because overall, living in Spain ensures you have a better quality of life.
Spain has many economic issues. One economic issue is

Different Types Of Economic Systems
Define Different Types of Economic Systems Traditional economies are steered through historical
practise, often in which communities use original tools and methods to harvest and hunt for food,
resulting in very little economic growth. Traditional economies have a tendency to operate in rural
Third World countries and appear to live in poverty even if their needs are being met. When
traditional economies interact with market or command economies, money plays an important role,
it enables those in the traditional economy to purchase better equipment to make their farming,
hunting or fishing more profitable. The United States had many features of a traditional economy
before the Great Depression. In the beginning of the 20th century, 60% of the United Stated lived in
farming communities, whilst 41% of the workforce were employed by farms. Over–farming
occurred in response to high demand from Europe after World War I. In addition two–thirds of Haiti
's population relies on subsistence farming for their livelihood. Their reliance on wood as a primary
source of fuel has stripped the forests of trees. This makes them vulnerable to natural disasters, such
as the earthquake that struck Haiti in 2010 Source: CIA World Factbook, Haiti 's Economy;
Marginal Revolution, Why Is Haiti so Poor?) Market economies are based on consumers and their
buying decisions rather than under government control. Trends and popularity generate what
businesses produce. The producers choose how to make

What Is Economic System
Table of Content
Table of Content 1
TASK 1 2
a) Explanation on economics system attempt to allocate resources effectively. 2
b) Assessment on the impact of fiscal and monetary policy on business organisation and their
activities. 9
c) Explain Malaysian competition policy and other regulation that may impact company. 15
TASK 2 17
a) Explanation on how market structures determine pricing and output decision of business. 17
b) Illustration on the way in which market forces shape organisational responses. 20
c) Judgement on how business and cultural environments shape the behaviour of your organisation.
21
Conclusion 22
REFERENCES 23
TASK 1
a) Explanation on economics system attempt to allocate resources effectively.
What is economic ... Show more content on Helpwriting.net ...
(Economy Watch)
Every economy has their own characteristic. For free market is there are many economic freedoms,
there is competition among businesses, competition determines price which increase the quality of
the product, economic decisions are made by the basic principles of supply and demand, and profit
is the motive for increasing work rather than quotas.
Mixed economy
Mixed economy is combination from planned and free market economy. This economy system
allows the private company use their capital. This economy system allows the government to
interfere to the market. The resources are allocated from both the government and the private sector.
In this system the freedom in the economic activities are influenced by the Government 's regulation
and licensing policies.
The example of the country that implemented this economy system is Iceland, Sweden, France, and
United Kingdom.
There are several advantages and disadvantages of the mixed economy system. The advantages are
most business and industry can be left to private firms. This is because private firms tend to be more

efficient than government controlled firms because they have a profit incentive to cut costs and be
innovative. Second is government can pursue policies to provide macro–economic stability.
The

Disadvantages Of Mixed Economic System
INTRODUCTION
The problem of scarcity is one common to all economies regardless of its wealth. This requires
choices to realistically be made, as determined by the country's economic system. The economic
system basically refers to the allocative mechanism by which the people, businesses and
government of a country make choices. Economists have recognized three distinct types of
economic system – the capitalist economy, the socialist economy and the mixed economy (Bamford
& Grant 2010).
In a capitalist economy, households and firms usually decide the allocation of resources. They
interact as buyers and sellers in the market for goods and services. Prices and the operation of the
price system underpin this interaction; in turn, prices act to indicate ... Show more content on
Helpwriting.net ...
At this time, the British government was responsible for substantial areas of public expenditure such
as health care and education, the direct operation of nationalized industries such as coal and gas, as
well as for providing support for large areas of manufacturing, such as vehicle production, in
partnership with the private sector (Bamford & Grant 2010), while most decisions such as daily
purchases are left for the public to make themselves. Some of the advantages of the mixed economy
system include the fact that the government provides the essential services while encouraging the
private sectors to continue building profits. The competition that arises from the private sector keeps
prices low, ultimately benefiting the consumers and influencing their choices. Inefficient business
behavior can also be controlled through the implementation of this system, minimizing the damage.
On the contrary, its disadvantages are that the heavy taxes incurred reduce incentives provided for
the public in the private sector to work hard and make profits. The government is also less efficient
than the private sector; hence the essential services provided will not have the best quality. An
excessive control over business activity via taxes incurred can also add to a firm's costs and
discourage

Advantages Of Command Economic System
A catastrophic event has occurred and the world as we know is ending. Leaders, friends, family,
gone. In order for the human race to survive, we must rebuild civilization. However in the event of
rebuilding civilization, we must decide which economic system is most viable in this time. The
economic system I believe to be most viable is the command system. A command economy is
completely ruled by the government or whatever of it is alive. In this system I will be the leader.
There is no need to worry because I will not be corrupt and I know a lot about these things because I
had an amazing eighth grade social studies teacher. Anyways, I believe we need to start off with a
very strong structure in order for us not to fall apart. ... Show more content on Helpwriting.net ...
Yes, this may seem like a harsh thing to say, but if too much choice is left to the people sooner or
later prices will start to go up and people of lower classes will not be able to afford food. So, what I
plan to do in the command economy is distribute everyone equal amounts of foods and goods. With
the world all messed up and half dead, getting these things should not cost very much. As I've said
before, friends, families gone. This means traditional would fail. How so? Well, traditional is passed
down from one to another. If the people who knew everything about the tradition of their family are
gone, then who will teach these jobs or pass down their businesses to their family? Also, in the
passage, Economic Systems, it states, "Individuals may be expected to combine their efforts and
share equally in the proceeds of their labor." We all know how people are, they are greedy which
means this could start fights and that is one thing I do not want in my

Economic Systems Essay
Introduction
Economic systems are organized way in which a state or nation allocates its resources and
apportions goods and services in the national community. An economic system is slackly defined as
country's plan for its services, goods produced, and the exact way in which its economic plan is
carried out. There are three types of economic systems exist, they are command economy, market
economy, and mixed economy. Command economy is also sometimes called planned economy. The
expectations of this type of economy is that all major decisions that related to the construction or
production, distribution, commodity and service prices are all made by the government. However, in
market economy, national and state governments play a ... Show more content on Helpwriting.net ...
Businesses can decide which goods to produce and in what quantity and consumers can decide what
they want to purchase and at what price. The role of the state is limited to ensure right precision in
the prices charged by the sellers. Prices also have the function to allocate and distribute a country's
resources. Market leads to complete effectiveness bringing about the best possible distribution of a
country's resources in a perfect world. This would only happen in a state of equilibrium and there is
a unique price for every commodity. But in a realistic world which is imperfect by nature, prices are
never at equilibrium and very unstable depending upon the vagaries of the market forces. This
generally harms people living below the poverty line. It is impossible for them to pay high prices in
cases of demand shortage. Thus, the free market model is not a viable option in developing
countries which has a large number of poor. Besides, producers are aim to minimize profit and
maximize rent of production. Examples of countries that are using this economy system are Hong
Kong, USA, and UK. Many developing countries like India and China are moving towards totally
free–market economy. The command economy is government directed. The market forces have very
little say in such an economy. There is no private property. On the other hand, a command economy
aims at using all available resources for developing either

The Basics Of Canada's Mixed Economic System
Most countries around the world, including Canada, rely on a mixed market economy system in
which the allocation of most resources, goods and services is determined by supply and demand
through markets and prices. This system has many flaws, including environmental damage, high
income inequality both within and between countries, resource depletion and so on.
When I think of alternative economic system, I have to go back to the basics of mixed economic
system, what actually is and what it does. In every kind of society we have to consider two things;
how it produces goods and services and how these goods and services are distributed.one of the
flaws of is that it tends to learn more on the governmental control than the freedom of individuals.
Sometimes, government regulations may cost company so much that it put it out of market hence
paralyzing production features (Tsuruta, 1997). This encourages social democratic programs which
retain capitalist's mode of production. The program also retain fundamental issues of capitalism
such as cynical fluctuations, exploitation and alienation.
Another government negative is that it decides the amount of tax on products which may lead to
hike of the prices of such products hence people unwillingness to buy. Lack of price control
management can cause deficiencies in goods hence bringing market imbalance.
Social democracy is mostly flawed for maintaining a property–owning capitalist class which
actively reverse social democratic

Moral Economic System

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