The Ultimate Challenge

Madison Janssen Economics 3rd Mr.Reeder The Ultimate Ch altogetherenge Through out the world, different types of economies be used. Market and Command Economies be the most common types, provided they be complete opposites, both with different advantages and disadvantages. The linked States began as a commercialise frugality. Businesses grew and developed solely on fork out and demand. Over the years, political sciences growth and involvement has influenced our preservation and aspects of command economy are now apparent. In fact, there is great debate in every news channel and paper regarding which economy best serves the people. A market economy is defined as a private ownership where people decide what to give rise and how to produce it. Everything is decided by the people, all depending on the center of money at hand. It is similar to a democracy, where people take with dollars. One benefit to the market economy is it allows people who are willing and able to work dense to achieve success. However, those who are unable to work, due to age or sickness, find it hard to survive and be successful. The competition in a market economy creates the most efficient use of time and money, resulting in a superior product or service for the consumers. Examples seen in the United states are computers or cells.

The competition in the cellphone industry creates less expensive plans and higher quality phones. A command economy is also known as socialism and is completely government run. With the central government making all the decisions, change can be directed and controlled quickly resulting in faster production. A command economy provides equality of creation services to all, without discrimination of individual wealth. However, the sovereign power of government stifles competition, resulting in lack of innovation and creativity among its people. Also, because their are no rewards or incentives for harder work, it creates a lazy environment. This is evident in the United States mail... If you want to get a full essay, order it on our website: Orderessay

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