Preview

Most Efficient Economic System Research Paper

Good Essays
Open Document
Open Document
645 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
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

You May Also Find These Documents Helpful

  • Satisfactory Essays

    Tucker Essay

    • 330 Words
    • 2 Pages

    Competition is truly important to the United States these days it’s what gives us all a larger variety of goods and which most are sold at a reasonable amount. Also competition allows different people and different companies have different outcomes. This allowing up or downs in economics for United States. Competition might lead a person to become wealthier or poorer.…

    • 330 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    During the Gilded Age many large companies took over entire towns. Everybody in that particular town worked for that company. These were called company towns. The large companies replaced all the stores that already existed in that town with their own stores. To keep the citizens of that town from going to other towns to buy supplies they printed their own money and the workers were paid with that. This allowed the large companies to charge an unfair amount for the goods sold in their stores. All competition was eliminated in that town. Competition is the major principle behind the American economy and ultimately the American Democracy. Without competition, weather it be between companies for a profit or politicians for a political office, this great American Democracy would fail.…

    • 791 Words
    • 3 Pages
    Good Essays
  • Good Essays

    I believe that increased competition will create productive efficiency. This is because if there is increased competition through an increase in the supply of for example entertainment channels entering the TV broadcasting industry this will result in firms having the reduce their prices of advertising slots due to the potential fall in the number of viewers. This will mean that they are now price takers in the market and as a result their revenue will decrease. As the firms are profit maximisers they will be unsatisfied with their revenue falling and as a result they will need to reduce their average cost in an attempt to maintain their previous profit level. They will reduce their average cost by avoiding any waste of factors of production in the production of the good/service and in order to do so they will often…

    • 1512 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Large corporations began to form monopolies in the 1800s. Competition helps the economy, by allowing the control of products and prices. However, in a monopoly there is only one seller of the product. Monopolies may cause prices to increase greatly, but only the corporation benefits. In order to seize control of large corporations was to form a trust. The federal government passes a series of antitrust laws in order to have a successful economy.…

    • 469 Words
    • 2 Pages
    Good Essays
  • Satisfactory Essays

    Scarcity and Economics

    • 686 Words
    • 3 Pages

    Economic system is a manner in which a nation uses its resources and manages production and distribution. In other meaning is an organized way in which a state or nation allocates its resources and apportions goods and services in the national community. The following are the types of economic systems;…

    • 686 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    4. What are four types of economic systems? Can you provide an example of a country using each type?The four types of economic systems are Communism, Socialism, Capitalism, and Mixed Economies. China uses communism in the way that the government owns and operates everything. India uses socialism in the way that individuals only own small businesses and the government owns and operates all major industries. The United States uses Capitalism in the way that all individuals own and operate all businesses.…

    • 625 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    Economics Question Paper

    • 447 Words
    • 6 Pages

    8. When government intervention causes the supply of a good to rise, the supply curve shifts to…

    • 447 Words
    • 6 Pages
    Satisfactory Essays
  • Good Essays

    Economics Question Paper

    • 1400 Words
    • 6 Pages

    Each question in Part A carries 1 mark & each Question in Part B carries 10 marks…

    • 1400 Words
    • 6 Pages
    Good Essays
  • Satisfactory Essays

    Economics Paper

    • 904 Words
    • 4 Pages

    If the GDP price deflator is 2.0 and nominal GDP is $10,000 billion, then real GDP is…

    • 904 Words
    • 4 Pages
    Satisfactory Essays
  • Powerful Essays

    For some businesses, such as a bookstore or small family grocery store, being close to a competitor is a bad thing especially if the competitor is bigger than you and can offer more selection or better prices. For other businesses, such as restaurants or shoe stores, being close to a competitor can offer an advantage. Having a restaurant near others allows people to go to one place and find something to eat. Of course, you don 't want to be an Italian restaurant competing with an Italian restaurant. But if you offer a…

    • 1893 Words
    • 8 Pages
    Powerful Essays
  • Good Essays

    Best economic system

    • 661 Words
    • 2 Pages

    Economic systems have formal and informal rules that help regulate a society. They also determine what to produce, how to produce and how to distribute goods and services. Each system’s priorities are to promote economic progress and maintain the economic stability. There are 4 types which consist of: Traditional, Market, Command and Mixed.…

    • 661 Words
    • 2 Pages
    Good Essays
  • Good Essays

    Kinds of Economic System

    • 477 Words
    • 2 Pages

    The survival of any society depends on its ability to provide food, clothing and shelter for its people. All societies have something else in common. They have an economic system or an organized way of providing for the wants and needs of their people. The way in which these decisions are made will determine the type of economic system. There are three major kinds of economic systems: traditional, command and market.…

    • 477 Words
    • 2 Pages
    Good Essays
  • Powerful Essays

    Marketing 101 Book Notes

    • 8323 Words
    • 34 Pages

    * Inability to target and win over new markets is a major failure as well…

    • 8323 Words
    • 34 Pages
    Powerful Essays
  • Satisfactory Essays

    Nsl Study Guide

    • 1431 Words
    • 6 Pages

    In a ________________economic system the government makes all of the decisions and controls many of the businesses.…

    • 1431 Words
    • 6 Pages
    Satisfactory Essays
  • Good Essays

    the competition act 2010

    • 868 Words
    • 4 Pages

    Competition forces enterprises to be more efficient, innovative and responsive to consumer demand. The benefits of competition are lower prices, better products, wider choice for consumers, and greater efficiency of enterprises and the economy as a whole. Anti-competitive agreements and abuse of dominance can distort competition in the marketplace. The enterprises that affected have to cease operation as they will be priced out or otherwise driven out of the market.…

    • 868 Words
    • 4 Pages
    Good Essays