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Economics Systems assignment
Economics Systems essay
Economic systems are the methods used by governments to distribute their resources to the public and make critical developments needed in the country. The economic systems play a vital role in controlling the factors of production, such as labor and capital to make sure that the best outputs are realized. Different countries all over the universe use three major economic systems, which include communism, socialism, and capitalism. Capitalism is the most commonly used economic system, which advocates for businesses and individuals to conduct themselves according to their interests guided by personal decisions, which are aimed at benefiting these organizations. Communism is very rare in the world because only the government owns most of the resources in the country and it utilizes these resources to the maximum and provides services from these resources. Socialism combines both capitalism and communism to make it functional to the max. Thus, socialism advocates for communal ownership of natural resources, such as land and minerals, which makes it easy for equal wealth distribution across all social classes in the country (Ghisellini, Cialani, & Ulgiati, 2016).
The United States utilizes the capitalism economic system, which advocates for individual ownership of property and thus business people make their own business decisions. This type of system has distinct characteristics that support it functioning. Such features include private ownership of all the factors of production to make it easy to carry out production processes. All transactions takes place in the market, and this is a significant characteristic of capitalism since it allows the interaction of buyers and sellers (Beard, 2017). The last feature of capitalism is that businesses are driven to make profits, by following their interests aimed at achieving the set goals. The United States government has a role of making sure that the economic system is operational by making the business environment conducive for business transactions..........GET A PLAGIARISM FREE COPY