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Economic System
A country's economic system consists of the structure and processes that it uses to allocate it's resources and conduct it's commercial activities.
Types of Economic Systems
- Centrally planned economy
- Mixed economy
- Market economy
Centrally planned economy
System in which a nation's resources are owned by the government.
Origins: the ideology that the welfare of the group is more important than individual well being. (Karl Marx).
Decline: In the 80's nations began to dismantle communist central planning in favor of market based economy.
Failures -economic value ,Provide incentives, Achieve rapid growth, Satisfy Consumer needs.
Mixed economy
Economic system in which resources are more equally divide between private and government ownership.
Origins: the idea that a successful system must be not only efficient and innovative but should also protect society.
Decline: mixed economies are converting to market system. (Privatization).......
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Title: Economic System
Approximate Word Count: 487
Approximate Pages: 2 (250 words per double-spaced page)
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