Economics
Saint Mary's University Economic Systems Questions

Saint Mary's University

Question Description

I’m working on a Economics question and need guidance to help me study.

1. What types of economic systems do you know and what is their essence?

2. Expand the essence of models of economic systems.

3. What are the features of the Russian model of transition economy?

4. What is the difference between the Japanese model? What elements of this model can be used in Russia?

5. What are the three main questions of economics that economic theory constantly seeks to answer and what is their content?

6. How are the three main issues of the economy in a market and command economy?

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Final Answer

Attached.

Economic Systems
What types of economic systems do you know and what is their essence?
There are four types of economic systems. The first economic system is the traditional
economic system. In the traditional economic system, the economic system is based on customs
and traditions. Therefore the vast majority of goods and services produced have a direct result on
customs, cultures, and beliefs. The second economic system is the command economic system.
In the command economic system, a large portion of the economic system is under control of a
centralized power that is the government that controls everything from planning to the
redistribution of resources. The third economic system is a market economic system or a free
market economy. In a market economic system, firms and households act in self-interest in the
determination of resource allocation, goods produced, and who consume the products. There is
no government intervention in a pure market economy system. The last economy system is the
mixed economy system; t...

TeacherBradwine (10258)
Duke University

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