Communism vs. Socialism, Types of Competition and OSHA/FDA
Economics covers a wide range of topics about money, the government, etc. Three topics that I’m going to discuss are communism vs. socialism, types of competition and OSHA and the FDA. All of these things have in some way shaped our economy in the US. Communism and Socialism, although very similar, are two very different ways of governing people. Communism is an economy planned by the government. There is no private ownership, all property is shared, wealth is equally distributed and this contributes to the poor standards of living. Karl Marx believed communism offered an illusion of freedom. He thought capitalism led to an elite class controlling lower classes with their power and money. The idea of communism stemmed from the goal for every individual to work at what they were good at and what they loved. If someone was unable to work, the community could support them. On the other hand, socialism is the concept of …show more content…
The four main types are pure competition, monopolistic, oligopoly and monopoly. Pure competition involves a large member of firms producing a standardized product. Prices are determined by consumer demand. No supplies may have influence over the market price. Monopolistic is similar to pure competition because there is a large number of suppliers. Suppliers may try to differentiate their product as being better so they can justify higher prices. Advertising must convince consumers of a brand or products superiority. An oligopoly is dominated by a few suppliers. Strategic decisions determine prices. Lastly, there is pure monopoly, where only one seller dominates the consumer market. This allows the producer to set maximum prices. Out of all four of these, the best type of market competition for consumers is pure competition. It has the greatest consumer surplus as well as maximizes surplus for the
Economics covers a wide range of topics about money, the government, etc. Three topics that I’m going to discuss are communism vs. socialism, types of competition and OSHA and the FDA. All of these things have in some way shaped our economy in the US. Communism and Socialism, although very similar, are two very different ways of governing people. Communism is an economy planned by the government. There is no private ownership, all property is shared, wealth is equally distributed and this contributes to the poor standards of living. Karl Marx believed communism offered an illusion of freedom. He thought capitalism led to an elite class controlling lower classes with their power and money. The idea of communism stemmed from the goal for every individual to work at what they were good at and what they loved. If someone was unable to work, the community could support them. On the other hand, socialism is the concept of …show more content…
The four main types are pure competition, monopolistic, oligopoly and monopoly. Pure competition involves a large member of firms producing a standardized product. Prices are determined by consumer demand. No supplies may have influence over the market price. Monopolistic is similar to pure competition because there is a large number of suppliers. Suppliers may try to differentiate their product as being better so they can justify higher prices. Advertising must convince consumers of a brand or products superiority. An oligopoly is dominated by a few suppliers. Strategic decisions determine prices. Lastly, there is pure monopoly, where only one seller dominates the consumer market. This allows the producer to set maximum prices. Out of all four of these, the best type of market competition for consumers is pure competition. It has the greatest consumer surplus as well as maximizes surplus for the