Description
for the assignment.
Now that most of you have atleast a basic working knowledge of our economic system (it's positives & negatives) as a result of your recent assignments, discussion questions, etc., it's time to expand your knowledge and perceptions of other planned economies. Refer to your textbook (or other sourses) to obtain a thorough comprehension of the features of each economic system: Capitalism, Communism, Socialism, Mixed Economy.
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-thoughtout responses and 100% interaction among you and your classmates. I expect a minimum of 8 posts per student.
Explanation & Answer
Attached.
Running head: ECONOMIC SYSTEMS
Economic Systems
Student’s Name
Institutional Affiliation
1
ECONOMIC SYSTEMS
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Capitalism is an economic system in which individuals can own factors of production
thereby empowering them to have control over how wealth is distributed and exchanged. The
main advantages of this system are that it stimulated economic growth as the profit motive drives
people. Additionally, the principle of minimizing cost and maximizing profit applies thereby
keeping production costs low. Besides, the increased competition favors the consumers who
enjoy not only a wide variety of commodities but also commodities of high quality.
Conversely, capitalism leads to high inequality levels in the society thereby the formation
of various socio-economic classes which results in conflicts. Also, there are high levels of
unemployment which can be attributed to increased efficiency that seeks to minimize costs at all
costs. Technology is preferred to human labor due to its effectiveness, high productivity and
c...
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