Questions and Answers for Economic Systems

Economic Systems

What are the factors to be consider in choosing the best economics  system?

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

1 educator answer

Economic Systems

1. What does the term "economizing problem" mean for an individual and for society? Include the four economic...

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

3 educator answers

Economic Systems

In our economic system, how is government involved in answering the four economic questions?

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

3 educator answers

Economic Systems

How is the U.S. national economy different from those of other nations?

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

1 educator answer

Economic Systems

Why are some nations choosing a market-based economy?

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

1 educator answer

Economic Systems

Which one of the two major economic systems best describes the economy in the United States and toward which one of...

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

1 educator answer

Economic Systems

Can you think of any societies today or in history whose economies match the description of a traditional economy or...

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

1 educator answer

Economic Systems

In a capitalist economy, what is it called when the consumer determines what is made and how much it costs?

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

1 educator answer

Economic Systems

The movement in the direction of a market-based system with freely determined prices, competition, profits, private...

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

1 educator answer

Economic Systems

Choose a work of literature that high schoolers might read and describe the economic system found. Identify what role...

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

2 educator answers