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(Solved) Choose two of the economic goals listed below or ones that you have created yourself. Then identify one of the four economic systems and show how...


Choose two of the economic goals listed below or ones that you have created yourself. Then identify one of the four economic systems and show how that economic system will be the best choice to achieve those two economic goals. For instance, if you choose efficiency and then picked the Market Socialist system. You would need to example how that system would be the best one to achieve the economic goal of efficiency. You must show or support your case with examples.

Choose two of the economic goals listed below or
ones that you have created yourself. Then identify one of
the four economic systems and show how that economic
system will be the best choice to achieve those two
economic goals. For instance, if you choose efficiency
and then picked the Market Socialist system. You would
need to example how that system would be the best one
to achieve the economic goal of efficiency. You must
show or support your case with examples.
Economic Goals a country has are:
(1)
Economic growth - the goal that we want the country
to grow - create more goods and service, create more jobs
and higher income (country becomes richer).
(2) Economic efficiency - getting the most from the resources
available. The country wants its citizens to be productive and be
efficient and needs to figure out how to get them to be
productive. For instance, would lower taxes encourage more
productivity because workers get to keep more of their earnings.
(3) Economic equity - all individuals receive a fairer
(equitable) distribution of the income. But what is fair? Everyone
earning $65,000/year? Is that right? No, having equal income or
fairer income will undermine the efficiency for a person to work
any harder than before. It will affect the incentive to work and
create new ideas, goods, music, and even literature.
(4) Full Employment - an economy that has jobs for workers
that want jobs. President and Congress requirement in regards
to the economy is to help economy towards Full employment.
(5) Price-level stability - that prices and wages rise at a stable
pace, not have many ups and downs. This way prices are not a
major issue in the lives of the consumers and businesses. Economic Systems
1. Market Capitalism – private ownership of property
Examples: U.S., Hong Kong Pro: Favors efficiency, competition, economic freedom,
produces the best product, lowest price and quality Con: Rich and poor income differences (large income gaps),
monopolies, small safety net
2. Centrally-Planned Capitalism – private ownership of
property
Examples: Asian countries like Japan and South Korea Pro: planning and managed economy Con: corruption, not flexible, slow to react to changes in the
economy
3. Market Socialism – Government (public) ownership of
property
Examples: European countries like France, Germany and
U.K. Pro: potential for equity, fairer distribution of income Con: Lack of incentives to work (entrepreneurial)
4. Centrally-Planned Socialism - Government (public)
ownership of property
Examples: former Soviet Union, Cuba, North Korea Pro: potential for equity (but not in reality), all government
decisions Con: Lack of workers and business incentives, political
corruption, and little/ no efficiency

 


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