Economic systems

· Natural resource (land, oil, etc.)

A mixed market (free) economy is much more efficient than a command and control

(planned) economy. With a mixed market, comes the law of supply and demand.

Products will only be produced if there is a demand for them. In a mixed economy

there is opportunity and room for invention, growth, and evolution because there is a

chance for pay-off. But with a command and control economy, the government

allocates the resources and leaves the people with limited or no choice and

opportunity to grow and further the economy.

2: The three economic systems are as follows:

· Capitalism: Capitalism is driven by the law of supply and demand, and it is a

mixed market. All five factors of production are applied freely within this

economic system, and each individually driven. Capitalism provides freedom of

choice, ownership and entrepreneurs. A

. . .
) From the corner gas station owner, to the average automobile-

owning American, everything becomes effected just like losing an animal to

extinction and it’s effect on the food chain. If we no longer buy oil from Iraq, we have to look elsewhere for it which

can cause gas prices to go up, and in turn affect every other aspect of the economic

chain (like dominoes. (First took place in the late ‘50s, early

‘60s. Kathy Lee may be a

good, (but bad) example of this.

5: Flight to quality: When people/consumers leave a product for something more

sufficient. mericans have the opportunity to invent,

innovate and evolve because government interference is limited. It

is big government over small individual. These products came

onto the market and soon they were being purchased instead of the American made

less efficient automobiles of the past. An example would be this: The United States and Iraq are

threatening war. While socialism strives to make

everyone equal, it becomes nearly impossible to deliver this goal.

4: Social, economic and political differences may affect business economic structure

in several ways.

Flight to labor: Business first sought to go regional, then global in order to find

cheaper goods or labor; outside of unions.

Common topics in this essay:
Socialism Socialism, United Iraq, , Capitalism Capitalism, Kathy Lee, supply demand, mixed market, law supply demand, law supply, command control, youll feed, insurance agencies, fish youll, clothing line, demand mixed, fish youll feed, freedom choice,

Approximate Word count = 691
Approximate Pages = 3 (250 words per page double spaced)

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