StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Advantages Of Various Types Of Economic Systems - Assignment Example

Comments (0) Cite this document
Summary
The resources that are available in an economy at a particular point in time are restricted. The purpose of the paper "Advantages Of Various Types Of Economic Systems" is to discuss the level of efficiency of the free market economy and the mixed economy…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER92.1% of users find it useful
Advantages Of Various Types Of Economic Systems
Read TextPreview

Extract of sample "Advantages Of Various Types Of Economic Systems"

Download file to see previous pages The economic system decides the amount and the mechanism of the resource allocation. The factors of production, the organizations, and the market forces comprise the economic system that interacts with each other with an aim to resolve the economic problems (Anderton, 2009, p. 30). This economic system is of various types depending on the impact of market forces on the system. A free economy is one in which the market forces are solely responsible for the determination of the price and quantity and the resources are allocated automatically without any kind of government intervention. On the other hand, in the case of the mixed economy, the market mechanism is allowed to operate but to a limited extent. In a mixed economy, there is the coexistence of the public and private enterprises in the economy. It has been argued by many scholars that the free market economy operates on a higher level of efficiency compared to the mixed economies. Analysis of the Statement In order to understand the level of efficiency of these two types of the economy it is essential to analyze the characteristics of these economies. A free market economy is characterized by the private ownership of the means of production. The government’s role is limited to the regulatory and legal aspects of ensuring the rights of the people. The people who are existent in the economy have the right to operate in the market and buy and sell goods and services at the price and quantities that are determined by the market mechanism. The government may have regulation in form of quotas or tariffs that does not hamper the free market environment in such economies (Samuelson and ? Nordhaus, 2010, p. 31). The market structure that is existent in such economies is based on the competitive framework. The decision making of the allocation of resources id decentralized because of each individual and decide how much to buy or sell in the market depending on the efficiency level.  ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Advantages Of Various Types Of Economic Systems Assignment”, n.d.)
Advantages Of Various Types Of Economic Systems Assignment. Retrieved from https://studentshare.org/macro-microeconomics/1492447-to-what-extend-do-you-agree-with-free-market
(Advantages Of Various Types Of Economic Systems Assignment)
Advantages Of Various Types Of Economic Systems Assignment. https://studentshare.org/macro-microeconomics/1492447-to-what-extend-do-you-agree-with-free-market.
“Advantages Of Various Types Of Economic Systems Assignment”, n.d. https://studentshare.org/macro-microeconomics/1492447-to-what-extend-do-you-agree-with-free-market.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Advantages Of Various Types Of Economic Systems

Types of Accounting Systems

...? The two major types of accounting systems that are used by accountants are accrued based and cash basis accounting. Transactions under accrued based accounting that changed a company’s financial statements is recorded in the period in which the events occur (Weygand, Kieso, Kimmel, 2002, pg.89). Earnings are recognized when earned and expenses when they are incurred. Accrued based accounting is utilized by the majority of corporations and businesses in America. The GAAP framework is designed to work under accrued based accounting. The second method that businesses can use to keep track of their economic activity is cash based accounting. “Under cash based accounting revenue is recorded when cash is received, and expensed is recorded when...
4 Pages(1000 words)Term Paper

Chinas Economic Advantages

...China’s Economic Advantages and its continued global Dominance Introduction It still remains a mystery to see China rise from great economic turmoil to being the second biggest economy judging by its gross domestic product, after US. Today, China dominates over the once economic giants. China’s economic breakthrough has had a number of challenges dating back from its early trade with the rest of the world in the pre modern trade; before the end of the Dark Ages. It was during this time that China’s success in commerce also expanded to its military base, owning the world’s best navy at that time. It also was during that time, around the 15th Century, that China experienced a number of threats that changed its economic and military pride...
4 Pages(1000 words)Essay

Compare various types of information systems

...?Compare Different Types of Information Systems In a business activity, a help desk is regarded as a place where a consumer of information technology can call to get assistance with a problem. In a lot of organizations, a help desk is merely a single individual’s with a phone number and an essentially structured scheme to deal with the problems that stream in. In big organizations, a help desk may comprise of a group of specialists utilizing software to assist track the spot of difficulties and other unique software to assistance assess problems. Traditionally, the term s utilized to assist users within the enterprise. A connected term is call centre, a place that patrons call to place orders, amid many other things. The World Wide Web...
4 Pages(1000 words)Assignment

Advantages of Mutihospital Systems

... Advantages of Mutihospital Systems The first area I would target for cost reduction is the management of patients’ health records. I would recommend using Electronic Health Records for this purpose. These are automated documents of the patients saved in an advanced computerized system (Sidorov, 2006). An EHR plays a vital role in evidence based treatment and decision-making without having to go through the manual process (Williams, 2010). EHRs are very quick as there is no need for any paper-work for documenting and sharing of the information and images. These enable access to the records even from distant areas by means of online networking. Laboratory tests and billing once done are saved on these records without the risk...
1 Pages(250 words)Essay

Arduino Types and Advantages

... in offering effective results at favorable conditions that end users may prefer when compared to others. Some of the other microcontrollers similar in functionality to Arduino include Parallax Basic Stamp, BX-24 (by Netmedia) and Handyboard (by MIT) among many more. One of the advantages of using Arduino microcontroller is the fact that it is open source which significantly reduces the cost of its use. Furthermore, the Arduino boards are cheap and readily available in the market. Additionally, cross-platform application of Arduino makes it relatively more compatible across various operating systems. Other microcontroller platforms are confined only to compatibility with Windows operating system. The programming environment applied...
4 Pages(1000 words)Term Paper

Types of Economic Systems in Political Economy

The term political economy is said to have found its origin in the 18th century, during this time, it was referred to as the study of states or polities, and hence its present name – political economy. Following this historical development, it is evident that the political economy in modern times deals with the way governments make decisions on the distribution of income and wealth to its citizens to spur growth and development.
In addition, political economics looks at how various political forces play a role in shaping various economic policies of a country, especially with regard to distributional conflicts relating to resources and management of political institutions. It examines how governments make their overall...
7 Pages(1750 words)Essay

Advantages and Disadvantages of Various Communication Methods

...Advantages and disadvantages of various communication methods One of its advantages is that it facilitates immediate feedback since an individual gets the opportunity of asking a question and getting a reply immediately. However, it has the disadvantage of having less time to reconsider the response because an immediate reply is required (Guffey & Loewy, 2010). Telephone and voice mail This is a convenient way of receiving calls and it becomes less possible to miss an important or an urgent call. However, in a case where a customer may be calling regarding a product that they purchased, it would be very inconvenient for them to call and be re-routed to a voice mail messaging system (Koekemoer & Bird, 2004). Meetings In a meeting...
2 Pages(500 words)Research Paper

Analyse three types of economic systems illustrating the problems and advantages associated with them

... are traditional, command and market economic systems. Another type of economic system is the mixed economy that is a blend of pure command and pure market economies. This paper will discuss the traditional, command and market economic systems. The paper will evaluate the problems and advantages that are associated with each of the economic systems discussed. Traditional economic systems This form of economy is shaped by traditions of the people or societies who practice it. The good and services produced follow certain long-established patterns (McCorkle, & National Council on Economic Education, 2011). Moreover, the manner in which the goods and services are exchanged also follows certain traditions. These forms of economic are rarely...
5 Pages(1250 words)Essay

Advantages of Economic Growth

...Advantages of Economic Growth This paper is about the discussion of advantages of economic growth in a country giving examples of countries enjoying the specific advantages. Economic growth is defined as the increase in the productive capability of the nation as computed by GNP for the current year with the GNP of the previous years. Major causes of economic growth include technological advancement, literacy quality improvement and the increase in the capital stock (McCartney, 2015). Measurement of economic growth is through computing changes in GDP, which measures the total economic output of the country per year. It, therefore, includes all the goods and services manufactured in the country for sale (McCartney, 2015). Considering...
4 Pages(1000 words)Essay

Effects of Human Resource Systems on Manufacturing Performance and Turnover

Most of these developments, not surprisingly, have come from communities of scholars focusing on their own particular countries or regions, be it the US (for example, Arthur, 1994; Delery and Doty, 1996; Huselid et al., 1997), the UK (for example, Brewster, 1999; Guest et al., 2003), elsewhere in Europe (for example, D’Arcimoles, 1997; Lahteenmaki et al., 1998; Roderiguez and Ventura, 2003). The difference in perspective on the value of people in organizations and the validity of HRM, particularly in non-Western Countries may be best understood in terms of the concept of locus of human value (Jackson et al., 2003). Jackson et al. (2003) came up with a conceptual map of international organization and human resource management...
12 Pages(3000 words)Essay

The Economic Impact of the Emergence of China and India

The main macroeconomic variable that toys in the global economy’s shift are the emergence of India and China as new superpowers. This emergence certainly has a number of implications, but among the most relevant are: disruption of the equilibrium of the global economy which results in rising demand of goods, giving way to worldwide inflation; the attractiveness of outsourcing to these countries due to low cost but high talent workforce of these countries for cheaper operations.
The growing middle class of China and India results in booming demand for the automobile industry. This increase in demand, with the increasing purchasing power of these countries’ people, is not limited to automobiles but more apparent in...
10 Pages(2500 words)Assignment

Emergency Economic Stabilization Act of 2008 and How It Has Impacted the Financial Markets

Though there were objections from various quarters about the huge amounts of tax payer’s money being used in the bailout of huge corporates, the Act has been successful in moving the downturn towards a flat point and now has started slowly moving towards a recovery stage. The various programs under the EESA 2008 have played a significant role in the financial sector, housing mortgage, and banking institutions to save the institutions from complete disaster.

The Emergency Economic Stabilization Act is a huge taxpayer bailout designed to rescue the financial sector. The amount of money to be used is around $700 billion or $2000 per American citizen (Public mark up). Emergency Economic Stabilization Act of 2008 is al...
10 Pages(2500 words)Research Paper

Accounting systems and Assurance

The allocation of resources is dependent on the information regarding the financial condition of the firm. Here comes the role of accounting, which provides all the required financial information to the investors through several financial reports. There There are two classifications of accounting 1) financial accounting and 2) management accounting. Financial accounting is the one which furnishes all the financial information to the investors and management accounting is used at the micro-level where the internal allocation of the funds takes place. Accounting is one of the most crucial components of any organization as it provides all those financial information that is used to make the economic and financing decision making.&nbs...
9 Pages(2250 words)Coursework

Economic Analysis of India

The country’s economy is fast growing with a stable political system that encourages foreign investment although with certain restrictions. The country generally has good energy, transport and communication systems which make the cost of doing business affordably.

The Republic of India found South of Asia is by far the world’s most populous democracy and ranks seventh largest in terms of geographical area (Brown, 1994). India is also the second most highly populated country in the world. The country has a rich culture with four major religions having originally emerged from it; Sikhism, Buddhism, Hinduism, and Jainism. The Indian Republic consists of seven union territories and 28 states and ranks twelfth la...
8 Pages(2000 words)Case Study

Business Information Systems

In this report, I will suggest the technologies that will be implemented in the future regarding the potential enhancement of the business and overall management operations of Club IT nightclub business.

After the emergence of new business technologies, the overall business management has greatly improved. Now we have better tools and techniques business management. The use of modern and up-to-date technology in the business always offers better support to the business in managing and organizing the organization’s resources. However, the implementation of information technology at business is a challenging task that requires extensive resources, knowledge, and planning. Club IT nightclub aimed to implement a new a...
8 Pages(2000 words)Case Study

Bernard Madoff : A Scapegoat of the Economic Crisis

Darwin was condemned and treated with contempt by the Church for proposing the theory of evolution that linked all living matter in the earth, including humans. In the case of Bertrand Russell, he was imprisoned as a conscientious objector, for expressing his opposition to British participation in the First World War. These are typical examples of people being wrongfully punished when they were guilty of no crime or fraud or misdoing. It would be highly improper to associate Bernard Madoff with the aforementioned luminaries, for he was truly guilty of carrying out the biggest financial fraud in modern history. At the same time, it would be simplistic to classify him as a victim of the contemporary judicial system. The truth, in fa...
6 Pages(1500 words)Assignment

International Business: World Economic Forum and Davos 2010

...Introduction Globalization, one of the most hotly debated issues means global capitalism to some while others consider it to be the continuation of modernism with the forces of wealth, progress, democracy and happiness at play (Kellner, 2002). Globalization is considered to be beneficial which promotes economic prosperity, cultural diversity and technological advancement. According to the critical social theory, technology and capital work together to create a new globalized and interconnected world. While each force of globalization is important, technological revolution has impacted the business models, value creation and differentiation (Spelman, 2010). The cloud computing technologies that have made the popular social networking...
7 Pages(1750 words)Coursework

Globalization and World Economic Forum at Davos 2010

... economy and national culture (Mittelman, 2000). World Economic Forum and Davos 2010 The theme of this annual meeting is to improve the state of the world and rethink, redesign and rebuild. This annual meeting was to rethink the business models, financial innovation and risk management. This rethinking is sought to trigger redesign attempts at the institutions at the national and international levels. The aim of redesign is to close the gaps in governance, prevent systemic failures and restore growth. This effort requires common vision, collaborative innovation and public-private partnership to succeed in the long term. The prerequisite would be to rebuild trust. The meeting focused on the following six areas of enquiry: 1. strengthening...
7 Pages(1750 words)Coursework

Validating Late Mover Advantages in e-commerce: Evidence from Selected Companies

...” (Hays & Sadeddin, 2006). Their strategy is based on their learning from the existing business models and developing better and improved versions of new system that could actually help them in achieving higher competitive advantage and business value. The proposed research will focus on validating the advantages of late movers in e-commerce. The proposed research will attempt to gather useful evidence from two companies including: Barnes and Noble that is a publicly listed company operating as a late mover in online books distribution market and Walgreens that is one of the largest pharmaceutical companies that made an entry into e-commerce as a late mover in the industry. Objective The objective of the proposed research is investigate...
12 Pages(3000 words)Research Proposal

Elevator Systems in Various Applications

...Elevator Systems in Various Applications Introduction In today’s world, elevator systems constitute a big percentage of systems of transportation that are extensively adopted. These systems are applied in the transportation of both people and goods from a singular location to another. Additionally, they are applied in numerous varying places. For instance, there are elevators used for solely transporting goods and they are mostly found in factories and generally in areas where there is extensive use of engines. On the other hand, there are other on-board elevator systems that are primarily for transporting people. They are instituted in almost every facility or place where an elevator is mandated, such as an office or a residential...
7 Pages(1750 words)Assignment
sponsored ads
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.

Let us find you another Assignment on topic Advantages Of Various Types Of Economic Systems for FREE!

Contact Us