People have the ability to make as much money as they can and do what is in their best interest. Another positive to market economies is that the government tries to stay out of the way of businesses. Although the government sets certain standards businesses must follow, for the most part businesses can do as they please, allowing them to produce what they want, how they want.
A fourth advantage to the market economy is that there is a great variety of goods and services for consumers. If there is a demand for a good or service, the demand will almost always be met in a market econom Although there are a lot of positives to market economies, there are also many negatives that go along with it too.
The weak, sick, disabled, and old sometimes have trouble providing for themselves and often slip into poverty.
Another problem is that it becomes hard for a government with so many private businesses to provide adequate defense, education, and health care to its people. A third disadvantage to this type of economy is that there is uncertainty in the business world. One company could easily be forced out of business causing all of its employees to become unemployed and lose their means of income.
The final major disadvantage is that occasionally there are market failures. In a command economy, the government controls all economic activity.
One example of a command economy is communism. In a government-directed economy, the market plays little to no role in production decisions. Command economies are less flexible than market economies and react slower to changes in consumer purchasing patterns and fluctuations in supply and demand Command economies have many advantages: One advantage is that equality is focused on.
The government tries to eliminate all private property and distribute its good equally. If done correctly no one is in poverty and no one is wealthier than another. Social services are also emphasized in this type of economy.
The government will provide equal health care, education opportunities, and make sure all people are fed. A third advantage to this type of economy is that it is capable of rapid change for major problems. The government owns the companies, so if production needs need to be shifted into a different area, the government is capable of doing it rather quickly. A final major advantage of command economies is that they are very stable. Command economies will never have sudden depressions.
How similar were the economic ideas of the two conservatives? What do your conclusions suggest about these labels? Has Obama effected change? Have the changes been positive or negative? Did they do the right thing? What were the positives and negatives? Is Barack Obama a socialist? Why or why not? You've been inactive for a while, logging you out in a few seconds I informed danto that I am manent in all respects.
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Economic systems were make to help many countries leader make good decisions on natural and scarce resources, On deciding upon these source the leaders use these economic systems to help distribute the scare resources to the people of their own country. The 3/5(5). 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.
The world’s economic systems fall into one of four main categories: Traditional economy Capitalism economy Socialism economy Mixed economy. However, there are unlimited variations of each type. An economic system must define what to produce, how to produce it and for whom to produce it. The difference between: Market, Mixed and Economic System This essay talks about three different types of economies system. The market economy, the mixed economy and the command economy system. I will start by defining each system and how the society has .