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Economic Systems, page 176-177 (((image), Description: In this system, you…
Economic Systems, page 176-177
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Description: In this system, you can accumulate Unlimited person wealth. All decisions are made by supply and demand and the government tries not to get involved in the economy. Singapore is the best example of a Market system in the world today.
Advantages: When many businesses compete fro the same market prices of items tend to go down to attract the customer.
Disadvantages: Profit in a Market system is the single driving motive of businesses they generally avoid taking measures to protect the environment or increase social services.
Founding Father of the Market system was Adam Smith. Adam believed in the power of the market!!! In a Market system money is the motivator!!!! supply and demand. "All people are financially self-interested"
Mixed Systems
Description: Individuals and businesses are free to make any decisions. The government makes some decisions to encourage or regulate businesses. Canada and France are examples of Mixed systems.
The mixed system has no founding father because of it being both Market and Command systems. It has Characteristics of a market system and ca command system.
Cons: The government sometimes strikes the wrong balance. It could fail to encourage businesses or fail to protect the people of its country.
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The founding father of the command system was Karl Marx. He believed that any person should have the right to own
their labor and no one should be able to own private
property and that the government (the state) should own all
sources of income and profit.
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Describe: The government owns or controls all the resources, goods, services and makes all economic decisions. Citizens have very little freedom to contribute to decisions that effect their country.
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