Economic Final Report
Types of economic systems
Economic systems vary from one nation to another. Traditional economic systems refer to an economic system founded by tradition. The services and goods that people provide through the work they do, how people exchange and use the resources are trends that follow permanent patterns. These are not dynamic economic systems because there are minimal changes. In this economic system, people live on static standards. They do not enjoy much occupational mobility and financial mobility (Gregory and Robert 19). However, it is possible to predict economic relationships and behaviors. People are aware of what they are expected to do, why they trade, they know what others should give to them. In traditional economic systems, the interests of the community are of great priority than individual interests. People collaborate at work and labor proceeds are shared equally. However, in some traditional economic systems, individuals respect some personal privacy. However, it comes with restrictions as such individuals are given a strong obligation set, which they owe to the entire community. In the current world, traditional economic systems are being applied in the workplace among Aborigines of Australia and other minority groups (Conklin, 15).
The next economic system is the planned or command economic system: in this system, the economy is under government control. The government makes decisions about how to distribute and use resources. The state regulates wages and prices. The government determines the form of work an individual will do to some extent. In the past centuries, the state assumed different levels of controlling the economy. In some systems, the government exercise control exclusively on major industries. This means that the state exercises great control on the country's economy. A good example of this economy is the Soviet Communist Union. In 1980s, the collapse of the bloc of communist led to the halt of a variety of command economies across the globe. However, Cuba is the only country holding onto its command economic system (Gregory and Robert 43).
From the market economies, individuals make critical...
Economic Systems: An economic system is basically described as specific set of principles that addresses the production, distribution, and consumption of products and services. The involved parties in the production, distribution, and consumptions processes are usually determined by or dependent on the economic system. Throughout the history of humanity, different types of economic systems have evolved because different societies have placed varying emphasis on distinctive goals and priorities as part of
Primarily, the market for CanGo Inc. will be segmented in two ways, which include gender and age groups. Segmentation according to income groups cannot be used because all services provided by CanGo Inc. will be easily affordable by all income groups since the company cannot afford to charge high prices due to competitive pressures. Many services such as gaming will also be provided for free. Marketing Mix The marketing mix of
Economic Issues of Student Achievement in a Non-Profit School Environment The objective of this work in writing is to examine the economic issues of student achievement in a non-profit school environment. Toward this end, this work will examine literature across many areas of study to produce a synthesis of the information and knowledge available on the economic impacts of achievement among students who attend a non-profit school. Examined will be issues
Capital (% of GNI per capita) Source: The World Bank (2009) The following table shows the procedures time and costs involved in construction of a warehouse, obtaining the licenses and permits necessary and completion of the required notifications and inspections as well as obtaining utility connections. Procedures and Costs Involved in Warehouse Construction Indicator Peru Region OECD Procedures (number) Duration (days) Cost (% of income per capita) Source: The World Bank (2009) Peru is stated to rank 149 among other countries
Economic Crisis The revelation of the financial crisis that unfolded in United States in 2008 is considered to be the worst economic crisis since the Great Depression, 1929. The distinctive causative factors that have contributed to the U.S. economic crisis 2008- 2009 are differentiated by aggravated financial control, higher risks in capital investment, the housing bubble phenomena in relation to the brisk credit expansion. The aggregation of these factors in the
Economics Mexico; How Interest Rates Can Be Used to Manage an Economy The management of the economy, undertaken with strategies from the government and decision fro the central bank, is usually undertaken with the aim of promoting and supporting a stable economy, balancing the desire for sustainable growth with the need to constrain inflation. This is an issue faced by almost all countries; inflation can be harmful to an economy, impacting not
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