There are many different Economic systems, such as Traditional, Capitalism, Socialism, Command, and Mixed economics. The most reasonable Economic system i believe is Capitalism also known as Market economy, simply because it’s a system where production and distribution are privately owned for a profit. The government doesn't make decisions about demand, supply, price, distribution, and investments. Profits are given to the owners that invest in businesses and, wages are paid to the workers employed by businesses. Capitalism is also a political system known as a free market for goods and services also private control of production and use. This economic system is much used today, for example business owners setting something such as an item at a low price and supply it at a high price at a later time. A good example of capitalism is speculation because it shows supply and demand in a free market system, where the invisible hand moves the market price up and down. To make it simpler we can compare name brand shoes such as Nikes and Sketchers, other examples are coke and Pepsi, or makeup like M.A.C sold at the mall or Loreal sold at the drug store which, are all the same goods but different prices.
The worst system I believe is Command economics because, the government has total ownership and decision making of the production and distribution of goods and services. The government controls the industry, regulates production, distribution, and prices. An example of Command economies is the Soviet Union, Socialist and, communist economies. This system existed in Burma, Cuba, Libya, North Korea, Saudi Arabia, and Iran. The state controls macro-economic policy and workers activity, but allows some freedom for economic decisions about employment and consumption. In other words, there is state control of the factors of production and centralized state planning like what to produce, how to produce it, and who to produce it for, but with some freedom for peoples decisions, like which job to take.
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