Economic System in an Imaginary Country

timer Asked: Jul 1st, 2018
account_balance_wallet $50

Question description

Write a 2,500 - 3,000 word paper (not counting title page or reference page) in APA format detailing an economic system for an imaginary country.

1.Name your country.

2.Choose and detail an economic system from those studied in the course

3.Explain the logic of your selection in detail (pros and cons)

a.Why is this system the best choice for your country? Are there political, geographic, topographic, heritage or other issues for which you believe this system to be well suited?

b.What would you change in the system chosen to eliminate problems encountered by countries in the past (or currently)?

4.Explain why not other systems

a.Why is your choice superior to these

Tutor Answer

School: University of Maryland



The mixed economic system of Landgate
Affiliate institution



Landgate is a first world country with a booming economy that has an excellent private
and government businesses. It has one of the best economies in the world and is also said to be
the second in fast growth rate. In 5 years, Landgate will be the biggest economy in the world. It
is enriched with numerous resources such as agricultural produce, industrial raw materials,
minerals, and oil. The country has hardworking citizens who work towards improving their own
lives first, which in turn reflects in the budding economy. The government is very much involved
in the business sector from as low as small startups to the big market enterprises that run the
economy. The close relationship between the government and the private sector has been
beneficial for the economy.
Due to the unique nature of every country in the world, different countries have embraced
different economic systems. In Landgate, the mixed economic system has worked excellently for
us. In the mixed economic system, the elements of command and market are combined. In this
economic system, the government and the private sector work together to build the economy.
While the private sector is involved with all the decision making tasks, the government is
important as it handles the distribution of resources and their allocation as well. Unlike the
command economies, they allow for more freedom to the firms. This freedom allows them to
make decisions, hire, fire, buy, sell their products as they wish. This freedom also makes them
choose their methods of production (Tsuruta, 1997).
Mixed economies lead to community development through infrastructure. This is because
of their high involvement with the government which makes it easier for governmental
institutions like schools, hospitals to be set up using tax money. This revenue is also used to
make roads, utilities, welfare, and social security among many other benefits that come along.



The close relationship with the state also ensures that some of the national restrictions are done
while considering their marketability. Restrictions like environmental conservation, property
laws and labor regulations are enforced for the greater good of the firms and the economy.
Furthermore, the collaboration between the firms and the government brings about benefits for
the citizens to enjoy. This ensures a steady market for these firms while the country grows
It is logical for an economy to achieve these kinds of benefits for the businesses, the
government and also its people. In the mixed economy, the firms get the freedom to run their
businesses, therefore giving the government very little command over them. This is essential as it
means the firms are not limited to growth or ideas that the government would have otherwise
gotten in the way of. Therefore, there is an equal distribution of power between the firms and the
state. Having a mixed economy ensures that poverty is fought accordingly because of the
benefits that come along with it. The community thrives in this kind of the economy as the
revenue collected is used accordingl...

flag Report DMCA

Goes above and beyond expectations !

Similar Questions
Hot Questions
Related Tags

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors