Economic Systems

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Sam Anthony V. Ramirez
Third Yr – BSCS
December 10, 2010
SOCSCI05 (Economics)

An Overview with the Economic Systems of Three Countries

Every country in the world has an economic system that would probably help them to fulfill the needs of their citizens. An economic system is the structure of production, allocation of economic inputs, distribution of economic outputs, and consumption of goods and services in an economy. Actually, there are many types of economic systems that were spread out throughout the world. It depends upon a country to which economic system that is appropriate for their economic status. The intriguing question is this: what could be the best economic system that most country should have? Can one type economic system helps all the countries in the world? Or is it better to have different economic systems to choose from? To further answer these questions, I have examines different economic systems for three countries. These countries are China, United States of America and the Philippines.

China’s economic system is a type of market economy which can be called as an open economy. This is an economy in which there are economic activities between domestic community and outside including businesses, can trade in goods and services with other people and businesses in the international community, and flow of funds as investment and across the border.

United State’s economic system is just like the system of China which is the market economy. However, US have a market economy in which individual producers and consumers determine the kinds of goods and services produced and the prices of those products.

The Philippine economic system is different from the two because it is a mixed economic system. It is an economy that includes a variety of private and government control, that is, a mixture of capitalism and socialism. In this type, private institutions and government can be an individual group or company. They can cooperate...
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