In this paper, I will identify for you the four economics systems used in this world. I also will explain each economic system displaying the differences between them. I also will provide which economic system I would use in my business example if I had to the right to choose.
William Nickels, James McHugh, Susan McHugh authors of Understanding Business 11th Edition described four economic systems that are used in this world. Capitalism is an economic system in which there is private ownership of businesses and land, and you have the right to pursue happiness have free trade and have the freedom for economic growth. In this system, you have the right to trade within the country and with other nations with limited government involvement. Workers are rewarded for high productivity, and the citizens have freedom of speech, press, job choice and the right to move freely. The market in a capitalistic economy is controlled by the supply and demand method, and you have a wide variety of goods and services. The next type of economic system is socialism in this scheme there is a high emphasis on equality. Also in this system, the government controls the market, education, healthcare, media, and transportation system. Major businesses are owned by the public, and smaller business is owned privately. Unlike in the capitalist system, the people of a socialist system does not have a free movement the government controls job choice and movement between countries and who is allowed to attend college. Also in a socialist system, the taxes are high, capitalistic incentives only pertain to private businesses and the market choices and different for every country and your selection i...
... middle of paper ...
...ixed economic market. They were some differences and similarities in capitalism, socialism, communism, and mixed economic market. Also above I explained what type of financial system I would encourage the country in which my business resided to operate. I provide clear reasoning to why this would be my choice. We should all remember running a business in a free market, and rewarding workers for hard work is the model we all would want to operate our businesses in everyone wants to be rewarded for the work they do and owners want to be able to maximize profits. I hope the information provided has been very informative and helps you have a better understanding of the economic system and aid you understanding my choice of economic system. It’s been a pleasure providing this information and I look forward to operating my business in a capitalism economic system shortly.
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- Systems of Health Care for OEF/OIF Veterans DoD The DoD’s health care system offers an array of services to active-duty military and their family members, along with veteran’s who meet a criterion in order to qualify and their families, along with some reserve-component members and their families. Active duty members receive health care services from DoD in military treatment facilities/clinics. These services are provided to veterans and their family members through contracts with civilian network providers.... [tags: Health care, Health insurance, Health economics]
1056 words (3 pages)
- A healthcare delivery system is defined as the components and processes that enable people to receive healthcare services. The delivery system specific to healthcare is presently described as the quad function model which consist of four functional components, with each component being significant and possessing unique challenges. The four components include: financing, insurance, delivery, and payment.(Understanding the U.S. Healthcare System, 2016). This paper would seek to look at healthcare systems from a U.S perspective.... [tags: Health care, Health insurance, Health economics]
714 words (2 pages)
- 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.... [tags: Economics Market System]
1104 words (3.2 pages)
- Economics Research Paper It seems every day there is dire news about the economy. Particularly about issues that have been affecting our everyday lives. One specific issue is currency. Money has always been a serious problem for many Americans. Most Americans have a difficulty taking care of their wealth and are unable to use it for expensive items. Some have trouble saving up and using it for items they do not need. Although we question many other issues reported on the news that pertain to money, Americans are generally concerned about matters that America has decided to act upon, such as the state budget cuts.... [tags: Economics]
1324 words (3.8 pages)
- Economics; is an important subject to understand the workings of finances. The common definition of economics is the social science that analyzes the production, distribution and consumption of goods. Freakonomics, the title of this book has the reader wondering what this book is about. From the title and even the cover picture it is clear it is not your average text book on economics. Yet, the authors have collected data and analyzed it to come to their conclusions on some unusual hypotheses. The photo on the cover is actually a good visual of the books content, it looks like apple on the outside but is an orange on the inside, signifying there is a hidden side of everything, just as the bo... [tags: Economics, Literary Analysis, Levitt]
1315 words (3.8 pages)
- Economics, in one aspect, is the study of how individuals, societies, and countries manage to deal with the problem of scarcity. Scarcity is a problem within economics because the wants of people are unlimited and the resources available to fulfil those wants are finite (Sloman, 2001). The answer to scarcity is efficiency which Gowland and Paterson (1993) described as the most benefit from a certain amount of scarce resources. Within the economic system, there are several types of economies, each generating a different level of efficiency.... [tags: Economic Systems Economy Scarcity Essays]
1567 words (4.5 pages)
- The Risks of Being Just-In-Time The following is a guest article written by Nick Koletic, an economics specialist at UCLA. In addition to giving a brief background on Just-In-Time inventory system’s benefits, the article’s main focus is the risks that JIT systems face. Just-In-Time inventory (JIT) is part of a production system whereby a firm vastly reduces inventory from its production processes so that utilization of production inputs and delivery of finished products are accomplished without incurring significant holding costs.... [tags: Business Inventory Systems]
1060 words (3 pages)
- Introduction The year 1996 market a turnaround for the financial system in Australia. It is in this year that the Finance Treasurer announced the formation of the Financial System, Inquiry also known as the Wallis Inquiry, which was intended to check the financial system in the country. Specifically, the Inquiry was mandated to research and analyse the consequences of financial deregulation in the country since the 1980s and; analyse the driving forces affecting change in the Australian financial system, especially in view of technological development.... [tags: Economics]
2319 words (6.6 pages)
- Economics Review Chapter 1 Section 1 1. Economics: study of how individuals & nations make choices about ways to use scarce resources to fulfill their needs & wants. 2. Scarcity: state in which people don’t & cannot have enough income, time, or other resources to satisfy. 3. Factors of production: resources of land, labor, capital, & entrepreneurship used to produce goods & services. 4. Entrepreneurship: ability to start new businesses, to introduce new products, & techniques. Section 2 1.... [tags: Economics Cheat Sheet]
1131 words (3.2 pages)
- Lesson 1 Project Economic Questions and Vision The two major economic systems in the world are the capitalist (free market) economic system and the socialist economic system. The many different countries of the world usually have an economic system in place that contains elements of both capitalism and socialism. Since the philosophies of capitalism and socialism are opposite, an individual country and its economic system will answer key economic questions differently. Regardless of how much that country or society supports either philosophy, the key questions their economic system must answer are the same.... [tags: essays research papers]
790 words (2.3 pages)
- Factors That Influence Management Decisions
- The Heritage Of Modern Army Helicopter Medical Evacuation Units ( Medevac )
- The Accident That Killed John Goodson
- Editorial Board : An Editor
- Guns, Germs, And Steel By Jared Diamond And The Geography Of Thought By Richard Nisbett
- Hearing Impairments And Hearing Impairment