Economics Systems And Economic System Essays

Economics Systems And Economic System Essays

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Economic System Effectiveness


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.

Economic Systems

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...

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...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.

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