We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Nobody downloaded yet

Introduction to Economic - Essay Example

Comments (0)
Summary
Running head: Introduction to Economics Introduction to Economics Insert Name Insert Grade Course Insert 8 March 2012 Introduction to Economics Introduction The mixed economy is an economic system that basically relies on both governments and free markets to allocate resources to the whole economy…
Download full paper
GRAB THE BEST PAPER
Introduction to Economic
Read TextPreview

Extract of sample
"Introduction to Economic"

Download file to see previous pages All economies in the real world depend on a mixture of both governments and markets to allocation resources efficiently. According to markets, resources are allocated through voluntary choices that are made by all participants in the economy and individuals. On the other hand, governments allocate resources involuntarily and enforce laws, taxation systems, regulations, and restrictions to participants. Question 1 Market and Government Economies Countries may have preferences between the using of governments or markets in allocating resources within their economies; however, it is evident that both markets and governments play an important role in mixed economies. Markets generally involve exchange of goods and services in a manner that is voluntary, since no force used to compel any economic participant in buying or selling items of economic value. A market basically thrives on participants’ willingness and desire to exchange. Pure market economies exclusively use markets to allocate and distribute resources throughout the economy. Government economies rely on involuntary enforcement to allocate resources through setting of rules and laws to govern a resource allocation system. The rules and laws are mandatory for participants in the economy, and the government has the right to enforce the laws and punish participants who fail to agree with the generally accepted rules and regulations. Participants in the economy follow resource allocation rules and regulations because the government and relevant authorities enforce them. Pure command economies use governments exclusively to allocate resources in their economies. However, such kind of economies precludes theoretical extremes, since they do not actually exist and are not realistic with regards to the real world situation. Both pure market and pure command economies provide a benchmark to facilitate real world economic aspects comparison. Mixed economies are therefore evident in the real world, since both pure market and pure command economies preclude non-existent theoretical ideals, leaving the real world economies somewhere in between the two theoretical ideals. Although the theoretical ideals are non-existent in the real world, their collective contributions are evident in mixed kind of economies. It is important to note that, although mixed economies use both markets and governments to allocate resources, real world mixed economies use more of governments or markets, in accordance to the systems they use. This alludes to economies such as capitalism, which is an economic system that is market oriented, as it uses more of market than government in allocating resources. Similarly, communism and socialism are mixed economies that use more of governments than markets to allocate resources (Greene, 2007, p.46). Mixed economies use government policies, rules, and regulations as an inherent dimension used to pursue economic goals in allocation of resources. Economic goals pursued encompass societal desires such as the need to achieve full employment, equity, stability of the economy, economic efficiency, and sustainable growth. Through economic policies, governments assume the primary responsibility of pursuing economic goals desired by the economy through assisting, controlling, guiding, and regulating the voluntary market. Government policies are undertaken in form of ...Download file to see next pagesRead More
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Economic
The increase and decrease of prices are not ordinary because as the movement becomes more persistent, the more it delivers significant number of negative consequences. However, the movement of prices is characterized not just to one but to all commodities.
8 Pages(2000 words)Essay
Economic
This increase assisted the producers with the capital required for investments to expand their production capacity so that they could meet the future demand. Since demand is on the rise in industry analysts are estimating long term real prices to be considerably advanced than past prices (Port Jackson Partners Limited, 2006).
5 Pages(1250 words)Essay
Introduction
Accordingly, it has recently been reported that more than one third of the returned soldiers have reported posttraumatic stress disorder (PTSD) or forms of major depression. As such, this research plan aims to identify the most common mental disorder affecting the war veterans and explain it using a psychological theory.
5 Pages(1250 words)Research Paper
Examine the economic issues surrounding the introduction of plain packaging of cigarettes. Should this policy be introduced
In most of the societies in the world it is considered to be having ill effects on the health as well as the environment and thus people are asked to avoid smoking as much as possible. Several countries have made attempts to reduce the number of smokers. The plain packaging of cigarettes is another attempt to reduce the number of smokers.
10 Pages(2500 words)Essay
Introduction of economic scarcity
Resources are abundant and sufficient for the existing population. However with new inventions and discoveries, scarcities are likely. How so When a new invention comes, the old becomes obsolete and loses its value. People start demanding new stuff and if are not producing it, you are very likely near extinction.
2 Pages(500 words)Essay
Economic
The main sign of an underdeveloped country is that the resources available are not being exploited to their maximum socio-economic potential. There is a major disparity
4 Pages(1000 words)Essay
Economic
Several other researchers observed a positive relationship between education and economic development. Although some of the LDCs are also emerging as newly industrialized nations, the differences in per capita GDP can
4 Pages(1000 words)Essay
Introduction
“Saudization” from the Saudi’s perspective is a discourse used by the Saudi government, which refers to a development strategy that seeks to gradually replace
8 Pages(2000 words)Essay
Economic
Many more have been questioning if China is destined to be the next superpower in the world or experience spectacular fall in the near future. China has exhibited a dwindling
2 Pages(500 words)Essay
Economic
issues, various journals and news papers such as The Economist Magazine, The New York Times and The Washington Post facilitates the individuals to acquire information regarding such economic occurrences. In this paper, the debate regarding gasoline taxes in the United States, as
5 Pages(1250 words)Essay
Let us find you another Essay on topic Introduction to Economic for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us