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Economic Systems

Economic Systems are various methods by which countries have structured their economies. The earliest economic systems were based on simple bartering, whereas modern economics has nuances between laissez-faire and free market on one edge of the spectrum and communism or centrally-planned economies on the other.

787 Questions

Fill out the table by describing each of the economic systems listed?

There is insufficient information in the question to answer it. There is no table. Please restate the question.

Which system which has a socialist economic system and a totalitarian form of government?

There can be no such thing as a Socialist economic system. Socialism has no money or wages or prices, hence no economics. Nor does it have any government. Socialism has no classes or government, just people co-operating for the common good.

Economic system based on the theories of Karl Marx and Vladimir Lenin in which the means of production are owned by the government?

The answer to this specific question is Socialism, not Communism. According to Marx, after the revolution by the proletariat working class, the means of production would be seized by the workers and a government set up by the proletariat. This government would own all property. Eventually, Communism would evolve and there would be no government. Thus any situation where there even IS a government would not be Marx's vision of communism.

What are some specific characteristics of the economy of the Mexican free market?

Mexico is an "emerging market", "developing country" or "newly industrialized country" because although it is the tenth largest economy in the world (USD$2,143 billion for 2015), it has an ongoing industrialization, where agriculture activities are still important but are rapidly being outpaced by industrial (specially manufacturing) activities. This means Mexico is not fully developed, as many regions within the country have a quality of life equivalent to those of Western Europe, whereas there are other regions with education, life expectancy and economic advancement equivalent to those countries found in Sub-Saharan Africa.

For instance, the Human Development Index (HDI) is a ranking created by the United Nations Development Program (UNDP) to measure countries or regions according to three basic population parameters: health, education and income. For Mexico, which is composed by 31 states and one federal district, the Federal District and Nuevo Leon had the highest HDI in 2004 (0.8837 and 0.8513, respectively), while the lowest corresponded to Chiapas (0.7185) and Oaxaca (0.7336). As a comparison, the Federal District and Nuevo Leon indexes are equivalent to those of the Czech Republic and Lithuania while Chiapas and Oaxaca correspond to those of Vietnam and Iran.

On a municipality level, this contrasts are much more dramatic: The Benito Juarez district (Federal District), the San Pedro Garza Garcia municipality (Nuevo Leon) and the San Sebastian Tula municipality (Oaxaca) have the highest HDI in Mexico (0.9509, 0.95, 0.9204, respectively) which correspond to the life quality levels of Norway, Australia and Spain. By contrast, Tehuipango (Veracruz, 0.4985), Coicoyan de las Flores(Oaxaca, 0.4768), Batopilas (Chihuahua, 0.4734) and Cochoapa el Grande (Guerrero, 0.4354) correspond to the quality of life of Madagascar, Haiti, Kenya and Benin.

Therefore, until Mexico attains certain "threshold of development" where all its people has a certain quality of life, it will continue to be considered a "developing country".

What economic system is used in Nepal?

feudalism, which is even unable to distribute fresh water to people

What is the economic system in Luxembourg?

I just did a huge project on Luxembourg for school, and it has a free market economy.

How are economic systems structured to meet the needs and wants of different societies?

Depending on the society's wants and needs the different economic systems are created to make it fair but also make it work, make people listen, and make the rules/laws easy enough to follow.

Apache economic systems?

The Apaches survived and prospered outside the Spanish colonial system primarily ... Apache culture and economy and learned the Athapaskan language.

Why is private property important in the America economic system?

Private property is important in the American economic system because people having the rights to risk investment, own productive assets, and learn new ways of producing; the invisible engine for creating wealth and prosperity for all.

What economic system does UK use?

The United Kingdom operates under a mixed economy, which combines elements of both capitalism and government intervention. In this system, most industries are privately owned and operated, but the government plays a significant role in regulating the economy and providing public services. Key sectors such as healthcare, education, and transportation are supported by government funding, while the market largely drives other sectors. This balance aims to promote economic growth while ensuring social welfare.

What are the two most common types of economic systems in South and Southeast Asia?

The two most common types of economic systems in South and Southeast Asia are mixed economies and market economies. Mixed economies, characterized by a combination of government intervention and private enterprise, are prevalent in countries like India and Indonesia. In contrast, market economies, where supply and demand dictate production and pricing with minimal government involvement, can be seen in nations such as Singapore and Thailand. These systems reflect the diverse economic landscapes and developmental strategies across the region.