Introduction to Economics

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MANAGEMENT & SCIENCE UNIVERSITY
INTRODUCTION TO ECONOMICS (DEC 0053)

ASSIGNMENT 1 (INDIVIDUAL)

Due Date : 4th January 2013 (Friday)
Format : Typeface: Arial, Font: 11, Spacing: Double, Cover Page: White colour
Assessment : 50 marks

Question
a) Reference to the notes, article, internet and any text book on the Economic System, make a comparison between the socialist, capitalist and the mixed economy. Take one nation/country to explain that each economic system used by the nation/country. Your explanation must be including: i. The characteristic of economic system ii. Advantages and disadvantages for three types of economic system iii. How the economic system for each nation/country solve the basic economics problem

b) Do you think the government should set “ceiling price” and “floor price” for certain goods? (eg. flour, sugar, cooking oil). Explain with reasons.

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Republic of Cuba

Republic of Cuba is a good example of a socialist country. Republic of Cuba has been using the socialist economic system since 1st of july 1961. The characteristic of a socialist economic system are : * Public ownership of resources * Central planning authority * Price mechanism of lesser importance * Central control and ownership
Besides that, the advantages and disadvantages of the socialist economic system are : Advantages | Disadvantages | - Production according to basic need- Equal distribution of income and wealth- Better allocation ofresources- No serious unemployment orinflation- Rapid economic development- Social welfare | - Lack of incentives and initiative by individuals- Loss of economic freedom and consumer sovereignty- Absence of competition- Waste of economic resources |

It's up to the planners a.k.a. the goverment on how to solve the basic economic problem. But they too, solve the problem based on the three main questions. What to produce? Planners will decide

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