ECON211 Embry Riddle Aeronautical Market Systems and Policies Paper

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Economics

ECON211

Embry Riddle Aeronautical

Description

Have you ever wondered how market systems and policies work? Have you thought about influence policy has on the topics of capitalism, market, and economic systems?

in this paper we will need to explore and demonstrate knowledge of capitalism, market, and economic systems and policy gained through the assigned readings and additional research.

Write a 750-word essay that includes the following elements.

  • Types of economic systems used in the United States
  • How economic systems vary between the U.S., China, and Russia
  • Description of a political system
  • Knowledge of political systems gained from your personal experience
  • Political system(s) that you lean towards
  • How political policies are used in the United States compared to another country in the world
  • Identification of several of the alleged "virtues" and "vices" of capitalism
  • Explanation of the difference among political systems, economic systems, and economic policies

Use current APA formatting. Include a title page and a reference page with at least four references.

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Explanation & Answer

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Running head: MARKET SYSTEMS AND ECONOMIC POLICIES

Market systems and economic policies
Name
Course
Professor
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MARKET SYSTEMS AND ECONOMIC POLICIES

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Economic System in the US
The US is a mixed economy and operates with elements of both capitalism and socialism.
This system offers protection to private property and permits an aspect of economic freedom.
Additionally, it permits intervention by the government in the economic activities towards
aiming for the public good. The US government controls and partly has control over several
goods and services like hospital care, roads, and education (Persson & Tabellini, 2012). The
government also provides subsidies in sectors like utility firms, financial companies, and
agricultural producers. In the US, every business is impacted by government policy. The Food
and Drug Administration approves consumable foods as well as a medicine then allows them to
get sold. The government, through the creation of financial policies, it plays a role in the
economy, which influences inflation.
China, Russia, and US Economic Systems
China has a socialist market economy. The nation’s economy faces market forces and
also has some capitalists involved. In 2016, China was the largest economy in the world, and in
2014, toppled the US. China's socialist market economy comprises a mixed system that presents
both typical components of market and planning economies (Hausman et al., 2016). The nations
have a system whereby both private and public companies, communist ideology, market prices,
as well as...

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