OVERVIEW:
Our economy is diverse, and no matter where we live, it is considered an extremely vital part to both our society and its individuals. Our economy is our foundation, and thus, we are very dependent on it. If any small changes occur to it, they can bring chaos and topple our world upside down. For centuries, there have been disputes about the definition of an ‘ideal’ economy, and till this day, an agreement had not been reached. This essay will analyze both the disadvantage and advantage of the four main economic systems, as well as shed some light on what a utopian economy is, and what is expected of it.
Cost and Benefit Analysis of the Four Major Systems:
As it was stated above, there are four main economic systems. Some of these …show more content…
A mixed economy, like any other economy, does have its few faults. However, its benefits excel far above any other economy. And it is more likely to please the most people. In a mixed economy, what is produced depends greatly on where the country stands as well as what is immediately in need. If it was an important decision, for example, if the country was at war, then most of the money would go towards military spending. This would be a decision that the government would make. On the other hand, if it was something as simple what shampoo most people would prefer, then the decision would be left in the hands of individuals or business owners. Many, if not all of the products made in this economy require the use of all of the factors of production. Any product made is for the consumers. The products made usually range from items used by the general public to government officials, as they aren’t aimed at specific groups.
As it was mentioned above, because a mixed economy combines more than 1 type of economy, and generally focuses on the more popular, or wanted parts, it is more likely to satisfy a larger number of people. Especially since both the government and individuals have a say in the majority of what is …show more content…
It has many organizations and businesses that are able to work without total control of the government. This is strengthening their country as a whole, to great extents. One section of a large survey (about Norway) “jobs, earnings and unemployment” asked people about their satisfaction towards the Norwegian economy, and received an average score of 9/10. But those scores do not just come down to personal opinion, in fact, as of 2013-2015; Norway has one of the lowest unemployment rates in Europe, at a mere 3.5-3.6%. Its GDP is considered in the top 15 worldwide, and is still increasing every year. Overall, Norway continues to not only be one of the most successful European countries, but also one with high living
Our economy is diverse, and no matter where we live, it is considered an extremely vital part to both our society and its individuals. Our economy is our foundation, and thus, we are very dependent on it. If any small changes occur to it, they can bring chaos and topple our world upside down. For centuries, there have been disputes about the definition of an ‘ideal’ economy, and till this day, an agreement had not been reached. This essay will analyze both the disadvantage and advantage of the four main economic systems, as well as shed some light on what a utopian economy is, and what is expected of it.
Cost and Benefit Analysis of the Four Major Systems:
As it was stated above, there are four main economic systems. Some of these …show more content…
A mixed economy, like any other economy, does have its few faults. However, its benefits excel far above any other economy. And it is more likely to please the most people. In a mixed economy, what is produced depends greatly on where the country stands as well as what is immediately in need. If it was an important decision, for example, if the country was at war, then most of the money would go towards military spending. This would be a decision that the government would make. On the other hand, if it was something as simple what shampoo most people would prefer, then the decision would be left in the hands of individuals or business owners. Many, if not all of the products made in this economy require the use of all of the factors of production. Any product made is for the consumers. The products made usually range from items used by the general public to government officials, as they aren’t aimed at specific groups.
As it was mentioned above, because a mixed economy combines more than 1 type of economy, and generally focuses on the more popular, or wanted parts, it is more likely to satisfy a larger number of people. Especially since both the government and individuals have a say in the majority of what is …show more content…
It has many organizations and businesses that are able to work without total control of the government. This is strengthening their country as a whole, to great extents. One section of a large survey (about Norway) “jobs, earnings and unemployment” asked people about their satisfaction towards the Norwegian economy, and received an average score of 9/10. But those scores do not just come down to personal opinion, in fact, as of 2013-2015; Norway has one of the lowest unemployment rates in Europe, at a mere 3.5-3.6%. Its GDP is considered in the top 15 worldwide, and is still increasing every year. Overall, Norway continues to not only be one of the most successful European countries, but also one with high living