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

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

Cite this document
Summary
An economy is defined as a combination of interconnected economic production and consumption activities that determine how resources are allocated. An economy is…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER92.9% of users find it useful
Analyse three types of economic systems illustrating the problems and advantages associated with them
Read Text Preview

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

Download file to see previous pages

The main types of economic systems that have been in use all over the globe 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. 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 dynamic and hence are very predictable. The interests of the community precede personal interests. In most cases, people are expected to come together and work as a community. Personal ownership of property is rare, and if present it is controlled by certain obligations that favor the community over the individual (McCorkle, & National Council on Economic Education, 2011).

In the modern world, most countries have stopped using this form of economy. However, it is still evident in communities such as the Australian aborigines who live in the Amazon. This system of economy is mainly based on agricultural activities such as fishing, hunting, and gathering. In most cases, barter trade is used. Such economies have a characteristic of being able to meet the daily needs, but they show little economic progression. An Economic decision must follow the tradition of the community practicing this form of economic system.

In this form of economy, distribution of resources is open since it follows customs and traditions that are known by all the people. Production of goods and services is easy since each and everyone understands the role they have to play in

...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Analyse three types of economic systems illustrating the problems and Essay”, n.d.)
Analyse three types of economic systems illustrating the problems and Essay. Retrieved from https://studentshare.org/macro-microeconomics/1689468-analyse-three-types-of-economic-systems-illustrating-the-problems-and-advantages-associated-with-them
(Analyse Three Types of Economic Systems Illustrating the Problems and Essay)
Analyse Three Types of Economic Systems Illustrating the Problems and Essay. https://studentshare.org/macro-microeconomics/1689468-analyse-three-types-of-economic-systems-illustrating-the-problems-and-advantages-associated-with-them.
“Analyse Three Types of Economic Systems Illustrating the Problems and Essay”, n.d. https://studentshare.org/macro-microeconomics/1689468-analyse-three-types-of-economic-systems-illustrating-the-problems-and-advantages-associated-with-them.
  • Cited: 0 times

CHECK THESE SAMPLES OF Analyse three types of economic systems illustrating the problems and advantages associated with them

Autonomous intelligent agent topic tracking system

People were using keywords that they were hoping would put them right where they needed to be for the must up to date information.... While China's leaders recognize the value of the Internet as a tool for building economic competitiveness and technology capabilities, they have established what is known as the Great Firewall to filter what Chinese citizens can read on the Web, and effectively maintain the Communist Party's grip on power.... While China's leaders recognize the value of the Internet as a tool for building economic competitiveness and technology capabilities, they have established what is known as the Great Firewall to filter what Chinese citizens can read on the Web, and effectively maintain the Communist Party's grip on power....
46 Pages (11500 words) Dissertation

THE IMPACT OF GLOBALIZATION ON STRATEGIC HUMAN RESOURCES MANAGEMENT OF A MULTINATIONAL COMPANY:

40 Pages (10000 words) Dissertation

Innovation and Technology Management

The learnt from the essay will help to analyze the evolution and modernization of the state of economic affairs in the contemporary commercial world.... The learnt from the essay will help to analyze the evolution and modernization of the state of economic affairs in the contemporary commercial world.... The essay will throw light on the types of intellectual property rights available to the companies.... Finally in the last context, the essay will analyze the rapid growth of technological advances of companies that often tend to favour them, but not the individuals of the society....
12 Pages (3000 words) Essay

Stakeholder theory and Strategy

24 Pages (6000 words) Essay

English Cultural Elements Presented in the Saudi English Learning

It is observed that in Saudi Arabia, the teaching of nglish is focused primarily on just learning the language without any reference to or intention of learning cultures associated with English, even if some cultural scenarios are included in the textbooks analysed.... Globalisation has dramatically increased not only the economic interdependence of nations but it has created an opening wherein the encounter, awareness and interaction among and between cultures have become part of the reality of the contemporary period....
101 Pages (25250 words) Thesis

Strategic Management: An Analysis of Apple

It has been estimated that the global smartphone market will be valued at $4.... billion USD by the year 2017, with a projected current growth rate of 23 percent year on year (TechSci 2012)....
11 Pages (2750 words) Essay

Advantages and Disadvantages of Activity Based Costing with Reference to Economic Value Addition

(Roztocki 2000) (Reyhanoglu 2004)advantages of an Activity Based Costing System:The first and most important advantage is the accuracy in the process of costing with regards to the product line, the end-users of the product, the stock-keeping units employed by the management and the channel and category which streamline the flow of the product from the producer to the end-user....
25 Pages (6250 words) Research Paper

Analysis and Evaluation of Soft Systems Methodology and ETHICS Methodologies

It pioneers viewing and analyzing system designs and problems in a different way to other methodologies.... This paper "Analysis and Evaluation of Soft systems Methodology and ETHICS Methodologies" will explore not only what emancipatory principles might be applied in information systems development, but also how.... hellip; A substantial body of research has focused on the need to develop methodologies that support viewing information systems as social constructs, and information systems development (ISD) as a social process....
20 Pages (5000 words) Term Paper
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.
Contact Us