Economics systems homework help
There are different ways in which an economy may perform. These ways are unique and practical. The four types of economy are traditional, centrally planned, market economy and mixed economy. All of this economy model had been used by any economy in any era, but there has been no perfect model for the economy to follow. Here, we will discuss all of these types of economic models. Also, we will discuss three basic questions which the economy faces. For learning about those countries and faults in their application of economic models, get economics systems homework help. To get any assignment help regarding this topic just ask for economics systems assignment help and we will be present there with our set of expert tutors.
Three Basic Questions:
There are three basic questions that an economy had to answer. Each economic model ever discussed tries to answer these questions. These questions are:
- What to Produce? The first question asked is what will be produced. An economy can select to focus its production in the primary sector or industry sector or the fastly growing service sector. Focusing on one sector does not necessarily mean complete ignorance of the other. It just means that that sector will give more employment, production and contribution. Different economics systems follow different methods to answer this question. For example, the traditional economy would focus mainly on the primary sector.
- How to produce? After it is decided what will be produced, the question about how it will be produced arises. Since there are limited resources for any and every country there needs to be a proper way for allocation of resources. This allocation of resources answers how to produce. For example, the economy needs to decide whether it will be capital-intensive or labour-intensive.
- For whom will it be produced? After deciding the identity and ways of production, the last basic question left to answer remains with “Who will consume the goods or services?”. This question means whether it will be high-quality goods with a heavy price to be purchased by the rich people, or will it be cheap goods so everyone can buy it, even if it compromises with quality.
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Types of Economy Systems
As discussed earlier, traditionally there have been four types of economics systems. Any economic system forms automatically when they try to answer earlier discussed three basic questions. Here are the four economics systems and how they answer these questions:
In the traditional economy, the main focus is on the growth of the primary sector. This type of economy is very stable and therefore was mainly preferred by our predecessors. Farming, fishing, hunting and other naturally linked jobs come under this economy. This type of economy generally grows very slowly, but there is a proper distribution of goods and services to some extent. The goods and services produced are basic, and affordable by everyone. It answers all the basic questions in the following ways:
- What is produced? Primary goods and services are produced.
- How to produce? These economies do not focus much on technology development and changes, therefore they are mainly labour-intensive.
- For whom to produce? The goods and services produced are distributed fairly throughout the economy and thus, they are produced to be consumed by everyone.
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The freedoms on economies of such types are the list. In this kind of economy, every decision is made by governed bodies, and the production, distribution, employment and everything else is decided by the government. However, the command economies can provide the security they do not offer much of a freedom. A person can only do the work which the government orders, a farmer can only grow the crop which the government asks for and the people can only buy the goods or services which they are offered. Since every decision major or minor is made by the central government, a single error can affect the economy by a lot. It, therefore, gets risky and can go very wrong. The North Korean economy of today is a good example of it. But since not much is known about it, one can be sure that there isn’t economic freedom. Here is an example of how ideal centrally planned economies answer three basic questions:
- What is produced? It is decided by the government and no participant can choose otherwise.
- How to produce? Due to complete authority, the labour in such economies can prove cheap, therefore it is mainly labour-intensive economy.
- For whom to produce? There aren’t many elites in these economies. The wealth is equal for everyone and so everything is produced for everyone.
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The market economy works on the idea of demand and supply. Demand and supply become the invisible hands that guide the market. There is minimal to no interference from the government and it is on suppliers to what to sell and on buyers to what to buy. This type of economy does not have a sense of stability but the economy grows faster in it. Economies of many countries lean on this type of system, although there rarely is a complete market economy, since the government interferes up to some extent no matter what. This type of economy provides the freedom to consumers and producers but at the cost of economic stability. Here is how this kind of economic system answers three basic questions:
- What is produced? It is decided through the demand of the consumer.
- How to produce? It depends on what resources the supplier has cheaply and most easily. They mainly are profit-driven and also focus much on capital-intensive production.
- For whom to produce? The goods/services produced here have many varieties and therefore they are produced for a variety of people, for everyone.
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Neither economic system, when put to extreme, can work properly and serve its’ purpose. Therefore there is a hybrid (mixed) economic system which is followed by most of the countries in the world. For example, in the present USA, the economic system followed is a mixed economy of capitalism and socialism. That is, while it follows some qualities of the market economy, there is also government interference to regulate the economy. By putting, price ceiling and flooring, they tend to protect the rights of consumers and suppliers, and try to provide some kind of economic stability. China, another major example, follows a socialist market economy (SME). In this economy, there are major elements of the centrally planned economy, but the centre takes decisions depending on the demands and supplies of the market.
There can be many ways in how the economy of this type answers the three basic questions as there are multi possibilities for it.
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