top-rated free essay

Economic Systems

By samielle23 Jan 14, 2011 680 Words
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 with one another in order to have a good and productive economic system.

Economic systems determine the economic growth of one country. It depends upon the situation either it is better for a country to have an economic system like this or like that. It depends also on how businesses, private institutions, government, and consumers correlate with each other. As I’ve seen to the countries I had observed, the economic system that they have had been greatly imparted assistance for the economic growth of these countries. In China, it really helps the businesses there because they are free to have trade with other countries and even only for domestic areas in their country. If they are free to do this, they can easily gain money and have a brighter economic status for their country. In USA, just like China, it has a market economy. This kind of economic system helps USA’s large country, mostly the businesses, to be more aggressive because they are freely to do whatever they wanted to do for the benefits of the industry. While in the Philippines, the economic status depends upon the people and the government. It is better to have a mixed system for a country like this because they can cooperate with each other, and a fact is that the Philippines is a democratic country so the people can do whatever they wanted to do. But it has a limit because the government has rules and regulations for business institutions.

I therefore conclude that it depends upon the things that the country has to fully meet its standards for the kind of economic systems they wanted to have. It is important to know what would the government, especially do to obtain the needs of the people. And it is also need that people who has businesses should cooperate with the kind of government they have. If these two cooperates, there is a great possibility that a country can have a better economic status to give the citizens needs.

Reference:
www.countriesquest.com
www.wikipedia.org
http://unpan1.un.org
http://big5.fmprc.gov.cn/gate/big5/np.china-embassy.org

Cite This Document

Related Documents

  • Economic Systems

    ...Introduction Economic systems are organized way in which a state or nation allocates its resources and apportions goods and services in the national community. An economic system is slackly defined as country’s plan for its services, goods produced, and the exact way in which its economic plan is carried out. There are three types o...

    Read More
  • economic system

    ...An economic system in which economic decisions are made by the state or government rather than by the interaction between consumers and businesses. Unlike a market economy in which production decisions are made by private citizens and business owners, a centrally planned economy seeks to control what is produced and how resources are distribu...

    Read More
  • Assignment on Economic System

    ...An economic system is the combination of the various agencies, entities (or even sectors as described by some authors) that provide the economic structure that defines the social community. These agencies are joined by lines of trade and exchange along which goods, money etc. are continuously flowing. An example of such a system for a closed eco...

    Read More
  • The Difference Between Market, Mixed and Economic System

    ...The difference between: Market, Mixed and Economic System This essay talks about three different types of economies system. The market economy, the mixed economy and the command economy system. I will start by defining each system and how the society has implement either one of them into their system. A market system is defined by an econo...

    Read More
  • economic systems

    ...An economic system is the system of producing and distributing of goods and services and allocating resources in a society. It includes the combination of the various institutions, agencies, entities (or even sectors as described by some authors) and consumers that comprise the economic structure of a given community. A related concept is the mo...

    Read More
  • Economic Systems

    ... Every country has the difficult decision of how to support their people, including their wants and needs; they do so by picking a specific economic system. There are four completely different types of economic systems; traditional, command, market, and mixed economies. “Most countries have a mix of three different types of economic system...

    Read More
  • Arguments in Favor of a Free-Market System of Resource Allocation

    ...Economics Assignment Question 1.1: Resource Allocation Economics for Business & Management Abstract In this section of the assignment we focus on the question: “Examine the arguments in favor of a free-market system of resource allocation”. (Negru, 2011) The arguments for and against a free-market system are not black and white, theref...

    Read More
  • The Two Old Ecocnomic System: Socialism and Capitalism

    ...Socialism refers to an economic system characterised by social ownership of the means of production and co-operative management of the economy.[1] "Social ownership" may refer to cooperative enterprises, common ownership, state ownership, or citizen ownership of equity.[2] There are many varieties of socialism and there is no single definition e...

    Read More

Discover the Best Free Essays on StudyMode

Conquer writer's block once and for all.

High Quality Essays

Our library contains thousands of carefully selected free research papers and essays.

Popular Topics

No matter the topic you're researching, chances are we have it covered.