Economic systems

A detailed Summary of Economic systems

1: The "factors of production" are as follows:

· Natural resource (land, oil, etc.)

A mixed market (free) economy is much more efficient than a command and control

(planned) economy. With a mixed market, comes the law of supply and demand.

Products will only be produced if there is a demand for them. In a mixed economy

there is opportunity and room for invention, growth, and evolution because there is a

chance for pay-off. But with a command and control economy, the government

allocates the resources and leaves the people with limited or no choice and

opportunity to grow and further the economy.

2: The three economic systems are as follows:

· Capitalism: Capitalism is driven by the law of supply and demand, and it is a

mixed market. All five factors of production are applied freely within this

economic system, and each individually driven. Capitalism provides freedom of

choice, ownership and entrepreneurs. A

fell apart soon after their purchase, the Orient began to take notice and design cars

insurance agencies to make more than that amount (such as in New Jersey) then law

entrepreneurship is hindered. The government keeps the economy so

chain (like dominoes.) From the corner gas station owner, to the average automobile-

cheaper goods or labor; outside of unions. (First took place in the late '50s, early

threatening war. However, the U.S. obtains much of it's oil from this area of the

Approximate Word count = 691
Approximate Pages = 3 (250 words per page double spaced)

Category: Politics

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