Economic Systems

The four functions of economic systems; Production, Allocation, Distribution and Regeneration.

The government has many social programs that take from the "rich" and give to the potential voters.

We have Social Security, welfare, Medicare, medicaid, AFDC, all "socialist" in theory.

Therefore, we have some mix of free market socialism.

The four types of economic systems are the traditional economy, the market economy, the command economy, and the mixed economy. Of these, the traditional economy is the most basic.

process by which people choose how to use limited resources in order to meet their needs

Society doesn't need an economic system, people do. In order to exist within a given civilization or society the ability to freely engage in commerce is vital to ones survival. Whatever the system, if people are to live together peacefully and in relative harmony they must be able to freely exchange ideas, and goods and benefit from the fruits of their labor. Outside of primitive hunter gathering agrarian systems, the more civilized the society the more necessary for a market place.

It is the market place that demands a system. Some would say, the less involvement the better and others argue that strict regulation and controls are required to reach the markets optimal output. Regulation of the market place requires government and the more regulation required the bigger the government gets. The freer the market place the freer the people. Of course, with freedom comes personal responsibility and in a truly free market the ancient axiom holds just as true today; "Let the buyer beware." This axiom is the fundamental cause of progressive regulation and it is argued that that regulation protects the consumer from harm or fraud. Yet it is clear that individuals, business' and corporations still harm consumers and still engage in fraud, so more regulation is created and now more laws exist and the people become more restricted. Regulated marketplaces are prone to complexity, free marketplaces are prone to simplicity. There are many educated people who believe that complexity is better than simplicity and will create elaborate and even eloquent arguments in defense of complex systems. Simplicity however, is not a system for the simple minded who seem to prefer complex systems. Simple systems require complex people who are capable of accepting responsibility for their actions and when necessary accepting responsibility for others.

When an individual chooses to be free that person is more inclined to advocate free market systems. Those individuals who believe themselves to be slaves, or victims and just the effect of others are less prone to accept responsibility for their actions and more prone to advocate strict regulation in the market place. Karl Marx, who devised the communist system of "economics", once referred to the dogmatist who adhered to his doctrine as 'useful idiots', many Marxists and other left wing idealists believe that the vast majority of people who believe in capitalism are just plain idiots, and the idea of a simple agrarian society has been bought and paid for by corporate farming. Which is better, the free and unregulated market place or the strictly regulated market place? Find out for yourself, try to open a book store with less than $100 dollars. The $100 would probably not even cover the licensing fees 'required' by most cities in order to do business. Take that same $100 buy some books and sell them over the internet. Which was easier and which more profitable? Which served the greatest good?

it will help us work with the other people of other countries

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:{also known as Unplanned economy} resources are allocated through the price mechanism. The ownership and control of important resources such as land and capital are in the hands of private firms and individuals. Property laws grants them the right to make decisions about these resources and to determine the purpose for and manner in which they are to be used.

to produce and distribute goods and services

The Chinese economy is a mixed economy that is referred to officially as "Socialism with Chinese Characteristics". This system mixes leninist planned economics (all land is owned by the state and is leased to companies and private individuals by the government; State-Owned Enterprises - many partially privatized - take a major role in heavy industry and crucial infrastructure) with a market based system (especially in light manufacturing and service industries, as well as agriculture).

An economic system in which private business operates in competition and largely free of state control.

Because people can have what they want and need without the government deciding for them.

The economic system of the United States is a capitalistic market economy, based primarily on free enterprise.

capital resources, human resources, & natural resources

Almost every country in the world is a mixed economic system, there are no real pure capitalistic or pure command economies any more. Nations either have a capitalistic economy (which is mixed but more capitalistic than socialistic) or mixed command economies (which has a private sector but this is dwarfed by the public sector).

Australia has a mixed-market economic system in which there is a mixture of control by the government and freedom of individual enterprise and in which the basic economic questions ...

Africa does not have an economic system of its own. Africa is a CONTINENT, not a country. It is composed of 53 nations.

# The private sector controls some part of natural resources and the government controls the other # The government plays an important role in resolving economic problems faced by society # Private ownerships and governments cooperate to produce goods and resolve together fundamental economic problems # The government also provides services such as education, health, military defense, legal and infrastructure to society. # The government influence in determining the goods to be produced.

With the exception of the depression era of the 1930's (the stock market crash of 1929), our capitalistic system of government has given the citizens of the US a very high standard of living.

Communism (a classless stateless society based on production for use) has never existed and so cannot be replaced by anything.

capitalism, but the government keeps an eye on it

the most effective system i think is mixed market

The four types of economic systems are mixed, traditional, market and command. The economic systems evolves as different societies places different emphasis on different goals.