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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
it is cotton kingdom (a+answer)
What do you understand by economic system?
An economic system contains three types, market,command, and traditional. Market is selling stuf on your own, traditional is well a tradition and commmand is being told to do so by the government.
(Is a system that involves production, distribution, and consumption of goods and services, Between entities in a particular society. composed of people and institutions.) (Is a system that involves production, distribution, and consumption of goods and services, Between entities in a particular society. composed of people and institutions.)
What was the US economic system after world war 2?
Following the end of WWII, America shifted it's focus to the growing concern over Communist aggression, as well as the task of rebuilding a wartorn Europe. The Marshall Plan was instituted and, before we knew it, we were stuck in the Cold War.
ECONOMY The current government has embarked on a cautious program of economic reform, including privatization of state enterprises and rationalization of government regulation. While the process is still ongoing, so far the reforms have attracted only meager foreign investment, and the government remains heavily involved in the economy. The Ethiopian economy is based on agriculture, which contributes 47% to GNP and more than 80% of exports, and employs 85% of the population. The major agricultural export crop is coffee, providing 35% of Ethiopia's foreign exchange earnings, down from 65% a decade ago because of the slump in coffee prices since the mid-1990s. Other traditional major agricultural exports are hides and skins, pulses, oilseeds, and the traditional "khat," a leafy shrub that has psychotropic qualities when chewed. Sugar and gold production has also become important in recent years. Ethiopia's agriculture is plagued by periodic drought, soil degradation caused by inappropriate agricultural practices and overgrazing, deforestation, high population density, undeveloped water resources, and poor transport infrastructure, making it difficult and expensive to get goods to market. Yet agriculture is the country's most promising resource. Potential exists for self-sufficiency in grains and for export development in livestock, flowers, grains, oilseeds, sugar, vegetables, and fruits. Gold, marble, limestone, and small amounts of tantalum are mined in Ethiopia. Other resources with potential for commercial development include large potash deposits, natural gas, iron ore, and possibly oil and geothermal energy. Although Ethiopia has good hydroelectric resources, which power most of its manufacturing sector, it is totally dependent on imports for its oil. A landlocked country, Ethiopia has relied on the port of Djibouti since the 1998-2000 border war with Eritrea. Ethiopia is connected with the port of Djibouti by road and rail for international trade. Of the 23,812 kilometers of all-weather roads in Ethiopia, 15% are asphalt. Mountainous terrain and the lack of good roads and sufficient vehicles make land transportation difficult and expensive. However, the government-owned airline's reputation is excellent. Ethiopian Airlines serves 38 domestic airfields and has 42 international destinations. Dependent on a few vulnerable crops for its foreign exchange earnings and reliant on imported oil, Ethiopia lacks sufficient foreign exchange earnings. The financially conservative government has taken measures to solve this problem, including stringent import controls and sharply reduced subsidies on retail gasoline prices. Nevertheless, the largely subsistence economy is incapable of meeting the budget requirements for drought relief, an ambitious development plan, and indispensable imports such as oil. The gap has largely been covered through foreign assistance inflows.
Real GDP (2006 est.): $13.3 billion.
Annual growth rate (2006 est.): 9.6%.
Per capita income (2006 est.): $130.
Average inflation rate (2006 est.): 13%.
Natural resources: Potash, salt, gold, copper, platinum, natural gas (unexploited).
Agriculture (47% of GDP): Products--coffee, cereals, pulses, oilseeds, khat, meat, hides and skins. Cultivated land--17%.
Industry (12% of GDP): Types--textiles, processed foods, construction, cement, and hydroelectric power.
Trade (2006 est.): Exports--$1.1 billion. Imports--$4.1 billion; plus remittances--official est. $400 million; unofficial est. $400 million.
Fiscal year: July 8-July 7.
Which is an example of a mixed economic system?
A mixed economy is where there is a mix of capitalism and socialism and/or public and government control. A basic contempory example of a mixed economy is the United States.that
's how the part of the unitedstates are also in a market economy.
What are the three main goals of a socialist economic system?
The three main goals of a socialist economic system are:
1. a planned economy: better than free market in supplying goods and services
2. Greater equality: too much for rich too little for the rest
3. Ownership of income-producing property by the state rather than private parties: only the state can overpower wealthy.
Define pure capitalism of economic system?
Pure Capitalism consists of three pillars of ideas.
Private ownerships.
A Price System.
Competition.
Pure Capitalism has no or close to no government control, it is controlled by the people, for the people.
Do the Political and Economic systems used to guide a country affect the nation's identity?
They certainly do, especially the political systems. For example, being a Presidential Republic has had a profound impact on US American identity, resulting in the general mainstream ideas about equality, justice, and personal freedoms which are concepts that are substantially less popular in authoritarian regimes.
What type of economic system did Hamilton support?
Alexander Hamilton supported an economic system that was based on free enterprise. He felt that people should be able to start and maintain their own businesses to boost the economy of the United States for the best financial freedom of the country as a whole.
Capitalism is another term for a what economic system?
Capitalism is an economic system where goods and services are produced for sale at a profit; the vast majority have to work for wages; a tiny minority own the means of production and exploit those who produce the wealth.
What country has a similar economic system as North Korea?
There is no country in the world that has the kind of autarkic, state-run economy and shadow economy as North Korea, but the "country" that would come the closest would be Hamas-controlled Gaza.
What kind of economic system does Poland have?
Capitalist: class ownership, wages system, production for sale.
What are two kinds of economic systems?
Market Economy: Resources are publicly owned, consumers decide how resources are allocated.
Command Economy: Resources are publicly owned, government decides how resources are allocated.
What are some similarities between Market and Mixed economic systems?
Mixed and command both are part of the hipo urine family and sell goods with small governmental groups
Is china a market economy a command economy a traditional economy or a mixed economy?
•1) Market economy-
An economic system in which individuals own and operate different factions of production.
Examples: Free Enterprise & Capitalism
2) Traditional Economy -
An economic system based on culture and tradition. Economy is based on agriculture and hunting.
Examples: Non-Industrialized agrarian societies.
What gets produced in an economic system?
in the current worlds economic system, nearly every household object is produced for sale. Things from food such as wheat and various meats, to the technological goods including Apple products, and Microsoft products. But generally speaking this question is not very specific and theoretically the goal for all economies in individual nations is to produce as much reasorces as possible in order to produce as much capitol (money) to increase the current standard of living.
The US economy is based on a 'free enterprise' or 'free market' system although the US Government has a lot of economic rules and regulations that it enforces. But basically the US has a so-called 'market economy'.
The Communist USSR had a 'planned economy' which meant that all economic activities, often down to specific output levels for products, were centrally planned ahead by the USSR Government, usually for five-year periods.
What is the economic system in which nobles own the farmland and peasants work it?
In general terms relevant mainly to the historical development of European society from the Middle Ages into early modernity, 'feudalism' is the name typically applied to the system of economic (and other) ties between nobles and peasants. While this system incorporated 'middling' layers of religious officials and military personnel, among others, it was based on the close (and often unbreakable) bond between land-working peasants and noble overlords.
Which of these countries went through major industriaization first China Germany Brazil or Korea?
Germany, which started major industrialization in the second half of the 19th century. The other countries mentioned only saw major industrialization after WW 2; that is, starting in the second half of the 20th century
What questions must be asked about the use of resources in the economics system?
What is the most effective allocation?APEX!
