1. Explain the advantages of Socialist Economy? In socialist economic system means of production are owned and managed by the State. Ownership of means of production is not allowed. In socialism economic activities are carried on mainly for social gains and personal interest is of less significance. In this economic system the anti social activities like smuggling and hoarding find no place. Economic activities are planned with the motive of social benefit by a central planning authority. The
Premium Socialism Capitalism Planned economy
Name: Puwanart Dhammakulthorn Class: Economics 412 Date: 18/05/14 Assignment: Chapter 1‚ Section1‚ AssessmentQuestion1-5 1. Explain the relationship between the terms in each of these pairs: A . Wants & Scarcity - We are all have want but also we have limited resource So that when scarcity exist we have unlimited want but we have limited resource. B . Consumer & Producer – Consumer buy things that producer produce and producer get the money from consumer to produce more product. C . Factor
Premium Economics Economics terminology
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
Premium Economics Economic system Economy
Malaysia’s Economic System Malaysia is a democratic country with excellent economic system. We are one the leading country in economic terms and being an example for the economy system we are using. In Malaysia‚ we are into mixed economy system. This economy system is the leading type of economic system that is used in most of the countries such as United States. Mixed economy system includes a mixture of capitalism and socialism. It combines private economic freedom‚ centralized economic planning
Premium Mixed economy Planned economy Supply and demand
important economic entities in the world‚ plays a pivotal role. Because of its special economic system form and its creative economic system transition‚ China gets an impressive economic growth. China fixes whole worlds’ people’s eyes upon it. As we all know that‚ from 1970’s to 1980’s there was a significant change in Chinese economic history. The economic system changed from socialist planned economy to socialist market economy. This paper is aim at to introduce different type of economic systems
Premium Planned economy Economic system Economics
After reading pages 205-215 answer the following questions: 1. Describe Canada’s economic system? Be sure to include a definition of Crown Corporations in your answer. (pages 206 and 207) Canada’s economic system is not static in the continuum‚ Because it can shift left or right from the party in power. The government and people make decisions on resources. 2. Describe the economic system of the United States? (page 208) Americans rely on the stock market and trade. Back
Premium Economics United States Canada
Economic Systems of Different Countries Canada: The Government of Canada is a Federal Parliamentary Democracy and a member of the Common Wealth. The Prime Minister of Canada is the Honorable Jean Chretien. The Deputy Prime Minister is Sheila Copps and the Governor General is Romeo LeBlanc. There are five major political parties in Canada they are; the Progressive Conservatives‚ the Liberal Party‚ New Democratic Party‚ the Reform Party‚ and the Bloc Quebecois. The GNP per capita
Premium People's Republic of China Communism Canada
THE IMPORTANCE OF PRICES IN ECONOMIC SYSTEM A price is the amount of money a buyer must pay to a seller for a good or service. Price is not always the same as cost. In economics‚ cost means opportunity cost—all that is sacrificed to buy the good. While the price of a good is a part of its opportunity cost‚ it is not the only cost. For example‚ the price does not include the value of the time sacrificed to buy something. Buying a new jacket will require you to spend time traveling to and from the
Premium Automobile Price Economics
Economics is the study of social behavior guiding in the allocation of scarce resources to meet the unlimited needs and desires of the individual members of a given society. Economics seeks to understand how those individuals interact within the social structure to address key questions about the production and exchange of goods and services. First‚ how are individual needs and desires communicated such that the correct mix of goods and services become available? Second‚ how does a society provide
Premium Sociology Resource Economic system
Question 1. What are the vital functions of an Economy? Explain the price mechanism. Answer:- An economy refers to the financial system of the region‚ province or nation. "It is a system by which folks get a livelihood." For instance the "Economy includes farms‚ factories‚ mines‚ shops‚ banks‚ roads‚ railways‚ aircrafts‚ offices‚ schools‚ cinemas etc.‚ which grants the people with the goods and services which they also use themselves or sell overseas in order to be able to buy imports." Sir John
Premium Economic system Capitalism Market economy