0
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 three broad categories do economist use to classify all economic systems?
Economic system is some sort of arrangements regarding the production of goods and services to satisfy human wants and needs.
Economist deals with three questions to classify all economic system,which are:
*What to produce?
*How to produce?
*For whom to produce?
By answering these three questions economists make any economic decision.
Which is the worst economic system?
Total and complete central planning. Some degree of market activity is necessary for an economy to even function. Experiments with pure central planning - such as the Puritans in 1620 and the Russians around 1920 - always end in economic reforms after near collapse.
What determines what type of economic system a country has?
Decisions about the kind of economic system a country has are normally made by that country's government.
What is an economic system controlled by government?
Communist systems are typically ones in which the government has almost total control over the economy. Socialistic systems exert some governmental control. Pretty much every economy in the world is somewhat socialistic, however.
Human wants are satisfied by A Consumers B Available Resources C Economic Systems D God?
- Not (A) 'Consumers', because consumers are the humans who have needs and wants.
- (B) Available resources are used to meet human needs.
- (C) Economic systems are used to provide and distribute available resources.
- Not (D) God, because, if he exists there is no evidence that he has ever provided for human wants, other than through available resources and our own economic systems.
So the answer is thathuman wants are satified by available resources, assisted by the economic system. Those who choose to do so can see God play an unseen and unprovable role in the distribution of available resources.
What kind of economic system does Macedonia have?
Macedonia has a transition or transitional economy!
How is a feudal system an economic system?
The feudal system was really a system of political-military allegiances whereby aristocrats gave landed estates to lesser aristocrats and knights in exchange for loyalty and military services. The economic dimension of the system is that the aristocrats were landlords who appropriated the produce of the peasants and ensured their labour services through serfdom. Through serfdom, the peasants were tied to the lord and were not allowed to leave their villages. They also had to pay a rent. Sharecropping (paying with a share of the harvest) was common, but cash payments also developed. Labour services were obtained through the requirement to work on the estate of the lord for set amounts of time. Tributes also had to be given. These consisted of giving the lord a certain number of animals, dairy products, and the like. Transgression of these rules involved severe punishment.
What three basic questions do economic systems address?
Economists also study how economic systems address three basic questions: What shall we produce?; How shall we produce it?; For whom shall we produce it?
How many different economic systems exist?
Communism - land, means of production and property are owned by the people as a group, but the government makes all the economic decisions. The government decides which goods are available at a given time.
Socialism - all land, property, and means of production is controlled by the government. All economic decisions are made by the government. The government decides what gods are produced.
Capitalism (market economy) - entrepreneurs risk capital in a business. Economic decisions of what to produce is controlled by supply and demand. Price is controlled by demand for the most part. Private ownership is an important part of capitalism. Government decisions affect the economy in a capitalistic society.
Barter- People trade for what they need.
How does the government control the economic system?
the government controls the economic system through banks taxes and other ways inwhich we may not think of.
What are the different economic system?
traditional economic system
command economic system
market economic system
mj
Which country and economic system do you think the speaker is criticizing in this quotation?
Soviet Union
What factors contributed to the collapse of command economies at the end of the 20th century?
Some factors that contributed to the collapse of command economies were the following:
- They were much less efficient at producing goods than Western free market economies.
- They were too focused on producing consumer goods instead of valuable new technologies
