three types of economic ways a country can run

Feb 11, 2009 Business Two Page Paper There be tercet types of economic ways a country profit run. The first unrivaled is capitalism. Next, we fetch socialism. Finally, we meet communism. All three of these ways argon used throughout the world run race cognise it or not. What market place would you like to survive in and what do you think they mean? First we have a capitalist economy market, which is when your juicy resources ar in camera owned. likewise, allocation of resources is by scathe and the lure of profit. The last social occasion you motivation to know almost capitalism is that the character prolongation of disposal is limited. Next we have a Socialism market, which puts the regimes & range resources in key industries for their market. After that, the elemental productive resources be owned & operated by government activity, but are still privately owned. Finally, we have our Communism market which essence the basic productive resources ar e owned & operated by governments. Then, the government plans & draws up dilate orders to allocate all resources. The rules you need to get a market economy are: 1.It is a administration individual with from each one by setting their own goals. 2.Preferences are individual- who knows what is in your ruff participation. 3.The best way to predict how people will dress is in their own best interest as the appear it.

-Market economy is based upon the mental picture that individuals act in their own self interest the participation as a whole will benefit -We put ont need a central authority to divid e us what to do to get things accomplished i! n the economy. 4.The role of the government is limited. -To see the rules of the game -Enforce property rights -Provide general goods Next we have Adam Smith and his invisible hand. It states the everyone should be free to trade in and buy whatever they like the government shouldnt be quiet out or interfere with the market. Also states the companies would keep the change costs low so that they can get customers from at that place competitors. If a different country is...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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