compre and contrast two of three economic systems. Consider how each system answers the questions of WHAT, HOW, and FOR WHOM? Which system works best and why ?

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peachijmin peachijmin

01-02-2018
Social Studies

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compre and contrast two of three economic systems. Consider how each system answers the questions of WHAT, HOW, and FOR WHOM? Which system works best and why ?

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GreekGoat GreekGoat · Answer 1 · 2018-02-01T15:57:08+01:00

TRADITIONAL: Economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services
MARKET: Choices controlled by exchange and trade, that are made by individuals, helps decide the productivity of the economic system
COMMAND: An economy with a central authority
- CENTRALLY PLANNED ECONOMY: Central government alone decides how to answer all three key economic key questions
MIXED: A market-based economy in which the government plays a limited role
-combines the characteristics of traditional and command economies

However, capitalism is usually deemed to be the best economic system as it focuses on the creation of wealth directly from individuals (not controlled by the government) and owning factors of production; whereas others focuses on the exchange of wealth, goods and services. (Investopedia)

adioabiola adioabiola · Answer 2 · 2021-10-26T05:18:54+02:00

An economic system refers to the system of production, distribution of goods and services and the allocation of resources.

Mixed economic system works better than capitalist or socialist because it allows active participation of both individual business men and government.

There are three basic types of economic system:

Capitalist: This is an economic system in which the production, distribution of goods and services and the allocation of resources are done by private individuals or for firms in the society. The government does not interfere with economic activity.

Socialist: This This is an economic system in which the production, distribution of goods and services and the allocation of resources are done by the government alone.

Mixed economy: The economy allows the active participation of both individual business men and government.

Therefore, mixed economic system works better than capitalist or socialist because it allows active participation of both individual business men and government.