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Discussion Question: After considering the characteristics of each alternative economic system coupled with your recently expanded knowledge of our capitalistic economy, discuss the advantages and disadvantages of these systems and which one would best serve the needs of the American people in general. Be very explicit with your answers and opinions. Special Note: Remember, you will be heavily graded on your discussion questions. I still expect well-thoughtoutresponses and 100% interaction among you and your classmates. I expect a minimum of 8 posts per student. | 3 | 3 | 3 |
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Alternative Economic System
An economic system is a production system that exists within a society, and it includes
allocation of resources and the distribution of goods and services. In the American setting, the
market economic system is in control and in this system the prices of products and services are
determined by the levels of demand and supply, which in this case are the market forces. The
government plays a minor role in laying down the rules for businesses to succeed. However, this
doesn't mean that this is the only economic system since there are alternative financial systems
which include; the mixed economy, command economy and the traditional economy hence
below are some of their advantages and disadvantages.
Traditional Economic system
This is an original form of economic policy to which customs, traditions, and beliefs assist in
the determination of the prices of goods and services that the economy produces. Furthermore,
this system moderates the way of distribution of the products and services. Rural and farm-based
nations mainly app...
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