Description
You own a company and could choose the type of economic system your country uses.
Create a 1,050-word comparison paper including:
- Compare the different economic systems.
- Explain which economic system you would select.
- Include least two (2) sources within the body of your work.
Format your assignment consistent with APA guidelines.
Explanation & Answer
Attached.
Running Head: ECONOMIC SYSTEMS
1
Economic Systems
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ECONOMIC SYSTEMS
2
There are four main types of economic systems that are used by all the
economies of the world. These systems are; traditional, market, command and mixed. All of
these systems have their own strengths, weaknesses, tendencies, sub-economies and a
troubled history. We will now take a brief look at each of the systems and look at some of
their attributes. The main reason for this is because it is very important to know and
understand how the various economies of the world function since the economy is basically
the backbone of political power (Davenport, et al 2013).
The first system is the Traditional Economic System. As literal as it sounds,
the traditional economic system is the most ancient and traditional type of economy. Some of
the elements of a traditional economic system can be found in other advanced systems such
as the mixed system. The traditional system is still practiced by economies that produce
services and products that are directly as a result of their customs, beliefs, religions and
traditions. As unconventional as it may sound, it should be noted there is a big number of
economies in the world still function under this principle. Economies that use this system are
mostly second or third world and their economies are mostly supported by farming. Despite
the fact that these economies are very much traditional ...
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