Business Finance
BUS212 Phoenix Mind Map Script Of Economic Systems Assignment

Question Description

Create a Mind Map using a tool such as Popplet®, Mindmeister®, GoConqr®, or a Microsoft® Word document in which you do the following:

  • Define each economic system
  • Provide an example of each economic system
  • Compare the pros and cons of each economic system
  • Identify the economic system we have in the United States
  • Explain why it is important to have an economic system

Your Mind Map should be between 525 to 700 words total.

Unformatted Attachment Preview

BUS/212 Mind Map Script For your assignment, you will create a Mind Map. It is important that you use a tool such as Popplet®, Mindmeister®, or Microsoft® Word. If you choose a Microsoft® Word document, be mindful of the Mind map requirement; with this format, you would still create text boxes within a diagram, and not write a paper. Now that you have selected the tool you will use, you can create your Mind Map. Think of a Mind Map as a relationship builder among similar concepts. Think about how you would organize your thoughts on the topics you will address. You might have a major subject, such as mediation. Then, you might choose several topics that relate to mediation, such as advantages of mediation and disadvantages of mediation, as well as mediator qualifications. Then, in your third layer, you might discuss those advantages, disadvantages and qualifications. As another example, let’s say you were creating a Mind Map about weather in the United States. Your first and central topic might be United States weather. Your second layer might include Colorado and California and the weather patterns in those states. Your third layer might be cities and the weather patterns there. There are many ways to organize this project. Some students use a single page for their Mind Map, while others choose multiple pages. You might consider putting your major topic in the center, with lines leading to secondary topics. Then, from those secondary topics, you would add your third layer of details. Many students are learning how to use a Mind Map for the first time in this course, but if you have experience with this tool, then you should do well. ...
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Final Answer

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Traditional Economic System
This system is based on custom or tradition and characterized by the use of primitive capital goods, communalism
which bases the distribution of scarce goods on kinship ties, and the absence of technology and entrepreneurship.
Production is strictly for survival through the satisfaction of basic needs, and there is often no surplus or wastage.
Traditional economic system is common in rural settings in third world countries. An example is the economic system
of the Nigritos of the Philippines (O’Connor, 2006). Its advantages are the lack of wastage and high sustainability
while its disadvantages are the low volume of production and lack of a fair system of the distribution of resources.

Command Economic System
Under t...

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