Economic Systems Questions and Answers

Economic Systems

The main thing to consider when choosing an economic system is what sort of society you want to have. You will want to choose a different system depending on what your vision of an ideal society...

Latest answer posted June 18, 2013, 1:18 pm (UTC)

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Economic Systems

The economizing problem is an economic theory about the relationship between supply and demand that has evolved from the writings of Austrian philosopher Ludwig Von Mises (1881-1973). After...

Latest answer posted October 21, 2018, 8:19 am (UTC)

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Economic Systems

The national economy of the United States differs from the economies of other countries in rather different ways. The difference between the economy of the US and that of North Korea, for example,...

Latest answer posted August 31, 2013, 5:17 pm (UTC)

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Economic Systems

I assume that you are referring to command and market economies as the two “major economic systems.” If so, the US is clearly best described as a market economy. I assume that the “four key...

Latest answer posted September 5, 2013, 1:57 am (UTC)

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Economic Systems

Today, market-based economies are being used by the great majority of the countries of the world. Essentially all of the major economies of the world are based on the market. Even China, which...

Latest answer posted September 2, 2013, 11:07 pm (UTC)

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Economic Systems

Although the developed countries of the western hemisphere claim to be governed under a free-market, capitalist economy, the modern-day market would be unfeasible without a high degree of...

Latest answer posted March 17, 2020, 8:08 pm (UTC)

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Economic Systems

There are a number of problems that can arise in this sort of a transition. Let us look at two of them. First, there is a major problem with people having to learn to make decisions on their own....

Latest answer posted August 28, 2013, 6:07 pm (UTC)

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Economic Systems

There have been a number of command economies that have been (and are) fairly well-known. However, it is much harder to identify traditional economies. The reason for this is that traditional...

Latest answer posted October 1, 2013, 1:28 am (UTC)

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Economic Systems

There are, of course, many works of literature that high school students might be assigned to read. In many of these works, the economy is not very important. For example, a student who reads...

Latest answer posted October 2, 2013, 7:29 pm (UTC)

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Economic Systems

The most likely answer for this is the “invisible hand.” To the extent that there is a term for this action on the part of the consumer, that is the best one. In a command economy, it is easy to...

Latest answer posted May 6, 2013, 10:05 pm (UTC)

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