Most Efficient Economic System Research Paper
What is the most efficient economic system?
Barack Obama, the 52nd president of the United States expressed the statement "It 's time to fundamentally change the way that we do business in Washington. To help build a new foundation for the 21st century, we need to reform our government so that it is more efficient. That will demand new thinking and a new sense of responsibility." An economy is the wealth and resources of a country or region, especially in terms of the production and consumption of goods and service. Economy branches off into many economic systems. An economic system is the way of organizing the production and consumption of goods. Currently, there are four main economic systems. These systems consist of a traditional economic system, where the decisions about what to produce and how to produce them are based on customs, beliefs, and traditions. Command economy, where the decisions on what to produce and how to produce them are made by the central government. Market economy, where the decisions on what to produce and how to produce them mainly rely on markets. And mixed economy, a combination of market and command. I believe that from these systems, the most efficient form of economy is a mixed economy. A mixed economic …show more content…
Competition among businesses can be beneficial for an economy because it generates profit. For example, some people may wonder why when you drive in downtown New Hampton, there are three gas stations within a half of a mile. The reason for this is, each of these businesses want their store to generate more profit than the others, and are willing to work for it. The competition between businesses will be efficient because it generates profit. This profit generated can be used to provide more resources for the citizens, so the government does not have
Barack Obama, the 52nd president of the United States expressed the statement "It 's time to fundamentally change the way that we do business in Washington. To help build a new foundation for the 21st century, we need to reform our government so that it is more efficient. That will demand new thinking and a new sense of responsibility." An economy is the wealth and resources of a country or region, especially in terms of the production and consumption of goods and service. Economy branches off into many economic systems. An economic system is the way of organizing the production and consumption of goods. Currently, there are four main economic systems. These systems consist of a traditional economic system, where the decisions about what to produce and how to produce them are based on customs, beliefs, and traditions. Command economy, where the decisions on what to produce and how to produce them are made by the central government. Market economy, where the decisions on what to produce and how to produce them mainly rely on markets. And mixed economy, a combination of market and command. I believe that from these systems, the most efficient form of economy is a mixed economy. A mixed economic …show more content…
Competition among businesses can be beneficial for an economy because it generates profit. For example, some people may wonder why when you drive in downtown New Hampton, there are three gas stations within a half of a mile. The reason for this is, each of these businesses want their store to generate more profit than the others, and are willing to work for it. The competition between businesses will be efficient because it generates profit. This profit generated can be used to provide more resources for the citizens, so the government does not have