What Are The Four Economic System

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Introduction

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 …show more content…

So if I was a business owner and had the ability to decide what economic system my country would use it would be capitalism. In this economic system, you have freedom and rights that allow to run your business effectively and maximize your profits. As the philosopher, Ayn Rand once said, “Capitalism demands the best of every man and rewards him accordingly.” Operating in a system that allows individuals to be free and paying them for hard work is the system I would love to conduct my business. I firmly believe that business operates better when there is free trade, the people are allowed to change jobs freely, and there is a strong emphasis on freedom. The main reason I would choose this economic arena is because of the structure of the markets within in this system. You have the freedom to trade within your country and outside your country with little government involvement, your markets are supplied with the supply and demand strategy and most of all you had to have a wide variety of goods and services in this economic system. With the reason, I stated above along with the social freedoms you have in the system the freedom of speech, freedom of press, job choice, religion, and the right to elect are the reason I would encourage my country to operate in a capitalism economic system. For me, this is the perfect economic system that allows the business and people inside

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