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Global Shift - Reshaping the Global Economic Map in the 21st Century - Assignment Example

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This paper "Global Shift - Reshaping the Global Economic Map in the 21st Century" focuses on the fact that human livelihood involves the production, distribution, and consumption of resources which is possible with economics. Economics involves the study of how scarce resources are allocated. …
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Global Shift - Reshaping the Global Economic Map in the 21st Century
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Download file to see previous pages The market value of an individual’s work determines one's income which dictates the consumption levels. In this system, the government role is limited and is based on individual innovation and the idea that hard work is rewarded. The businesses will thus exist to make profit and competition is the key element. The entrepreneur takes a great risk with his capital since he requires a full and free availability of information on the buyers and sellers which is not always readily available. However, they have the power to choose how they want to spend their incomes. In addition to that, the free market economic system leads to the development of monopolies and oligopolies. It influences the production and the distribution of harmful goods and services such as drugs in the economy. It also leads to social income disparities thus widening the gap between the rich and poor. As a result of the major limitations observed in the laissez-fairre system, most countries choose to conduct their affairs in a mixed economy. This type of economic system encompasses both the government and privately-owned corporates that work together to produce goods for the consumer and solve the economic problems. A mixed economy is considered to be more effective because of the involvement of the government. It is the public sector that will influence the prices of goods to go down through its control measures thus preventing inflation and protecting the consumer. Besides this, the government ensures that income is distributed equally throughout the states. This is achieved through the heavy imposition of tax on the rich than on the poor and using such money to construct social amenities throughout the country. The government is also actively involved in the prevention of monopolies by pumping money to support other competing industries as well as obtaining much money from patent owners. Prevention of entry of harmful drugs is also the key role of the government and therefore it ensures that the masses are protected at all costs. The most accepted roles of the government will include the enforcement of property rights, definition of a law system, prohibition of fraud and punishment for prohibited practices (Fernando, 2007, p.297). The state ensures that all goods produced internally are well allocated to generate investments while the private sector is mainly concerned with profit maximization. In a private sector, technology is highly applied and the revenue gained is more than that in the public sector. It may translate to failure to pay taxes or tax evasion or even the engagement in illegal acts. It is, therefore, the duty of the government to ensure that all taxes are paid and that illegality is exempted. Therefore, most states tend to concentrate on the mixed economy since in such there is a balance between the ownership of resources which translates to a balance in investments. In most and both cases, there is gain to the parties involved and the roles in both correspond and interact. Question Two Forces of demand and supply determine the price level of goods and services. The intersection of the two marks the equilibrium of both demand and supply, where the price level is determined.  ...Download file to see next pages Read More
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