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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
What is Ecuador's economic system?
Ecuador is actually mixed. The government has some involvement, but they allow people to trade and export and import.
All economic systems are concerned with which of these same problems?
what, how, how much, and for whom to produce
A scarce commodity used in an economic system?
A scarce commodity used in the context of an economic system is something that there is less of than what is needed. Examples are gasoline during a gas crisis, wheat after a drought, etc.
What type of economic system is communism?
It is a form of revolutionary socialism. In Karl Marx's Communist Manifesto, the bourgeois (rich snobs) were seen as taking advantage of the workers (proletariats), and all society would inevitably lead to a revolution resulting in socialism and communism. Ie a state controlled system, with a planned economy and common ownership. Originally Communism and Socialism were synonymous, but in modern times socialism has divided into various degrees of individual and private ownership.
Ultimately if you want to be most accurate you should keep the definitions of socialism and communism synonymous, as Karl Marx did when he defined them. Communism is a state controlled society, with a planned economy. Food, and manufactured goods are all strictly controlled by a state government.
What economic systems leaves production decisions completely up to the producers?
free-market economy
What are Brazil's advantages of economic systems?
It is a free market and Brazil has the 6th largest GDP in the world.
Should rights be a characteristic of an economic system?
Yes, at least basic honesty. Profiting by deciet and misreprpresentation is wrong.
What was the Aztecs economic system?
The Economic system was if some families could afford it go to school. If some families could not afford it the kids would stay at home and work labor and toil. Some families were peasents they would have to beg for money and for food. If someones legs were paralyzed they would be called peasents also because the could not work and they would have to work.
What are the three questions the economic system must answer?
The thre questions that all economic systems must ask are: What to make? How to make it?, and Who gets it? Tough questions.
What are the economic system of economic?
There are 3 major and common problems faced by every economical unit.
1)What to produce?
2)How to produce?
3) Produced to whom?
Though these questions are common various economic units use several methods to solve them.These various types are called Economic Systems.
So A social and institutional order which is developed by people to solve major economical problems can be defined as a Economic System.
The word System is specially used in subjects like Bio Science to express bunch of institutions which work under their authority not under external influences.
So in a Economic System there we can find hundreds of institutions which work as above.
Examples-Business Institutions,Households,Government, Law, Incentives etc.
By the way we know that there is a diversity in Economic Systems. There are 3 major reasons for that diversity.
1)Ownership of property and rights (when Factors such as Land,Capital are handled with Private sector it is called a CAPITALIST ECONOMIC SYSTEM.When such factors are handled with Government it is called a SOCIALIST ECONOMIC SYSTEM)
2)The Mechanism used to coordinate the answers given to major economic problems
(when major economic problems are solved under the guidance of Price Mechanism it is called a Market Economy. When it is done under the command of government it is called a COMMAND ECONOMY)
3)The system of Incentives (Incentives motivate various economical units to economical activities. In market economies that motivation is given by Profit. In Command economies it is gained through Powers of Authority)
---Hirantha Imesh(HIRU)
What is the definition of an Economic System?
The system of production and distribution and consumption.
A.Free-market economy
An economic system where decisions are made by producers and consumers.
C.Mixed economy
An economic system that uses both free-market and command principles.
B.Planned economy
An economic system run by the government.
What type of economic system does Czech Republic have?
The monetary system of the Czech Republic is decimal based, with the unit of Czech money being called the Czech Koruna (Korun is the plural form.) The Czech Republic is expected to join the European Union in 2010. The names and relative values of the coins are: * Fifty Haleru - (50/100 or 1/2 Koruna) * One Koruna -(1 Koruna) * Two Korun - (2 Korun) * Five Korun - (5 Korun) * Ten Korun - (10 Korun) * Twenty Korun - (20 Korun) * Fifty Korun - (50 Korun)
What countries have a communism economic system?
Individuals can work to make profits in the communistic economy of China, as example. However, the Communist Politburo of China makes all major economic decisions. Major means of production are controlled by the leaders of the communist party. No other party but the communist party exists in China.
What is the name of the US economic system?
The prevailing US economic system is CAPITALISM, but there are a number of elements of corporatism, socialism, and traditional economics in the US economy, leading to it being properly termed as a "mixed economy".
What countries have a Capitalist Economic System?
US
UK
Canada
Japan
Sweden
Columbia
All first world countries have a developed capitalist economic system. Most are conidered mixed capitalist, meaning a mix of free market and command capitalism. Many third world countries have undeveloped capitalist systems and some also have mixed capitalist and socialist as in several Middle East countries such as Saudi Arabia were heavy oil production is state owned but with also allowing private enterprise and property.
