Strengths and Weaknesses of the Economic System

Imagine that you are considering moving to a new country and looking for a job there, but you first want to make sure the country has a strong economy. Describe at least three economic factors that you would want to research as evidence of the economy’s strength or weakness, and explain how each factor would affect your decision to move there. (4-6 sentences. 3. 0 points) Fuel prices- if the fuel prices are high it would make it difficult to travel, or it would result n losing a tremendous amount of money.

Transportation- if there is a poor transportation system it will make it very difficult to get to and from places. Possibly playing a huge factor in getting a job Demand for labor- if there is a low demand for labor it will be very hard to find a job. If you cannot find a job you will be unable to support yourself. 6. Explain which economic system (market, planned, mixed, or traditional) you think is best for consumers. Describe at least one reason why you think this system is best for consumers. (4-7 sentences. 3. Mints) I think the best economic system is mixed because it contains both privately-owned and state-owned enterprises 7. In capitalism, most businesses have a profit motive. Describe at least one reason that businesses with a profit motive may be helpful for society and at least one reason that they may be harmful for society. Then, explain whether you think profit motive is a good thing or a bad thing for society. (4-7 sentences. 2. 0 points) Capitalism allows people to choose what they want to do (job); it gives people the right to spend their money where they want.

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Harmful: the covet control is very limited; it allows people to dominate the industry. The richer gets richer and the poor get poorer. 8. Choose a well-known company that you know of, and describe its direct and indirect competitors. Describe at least three direct competitors and three indirect competitors. (6-12 sentences. 3. 0 points) Wall-Mart’s primary competition is department stores like Smart, Target, and Big Lots. 9. Imagine that you are buying a new computer and comparing different brands and prices. Describe at least two non-price competition factors you might consider when making your session. 2-4 sentences. 2. 0 points) Battery life Compatibility 10. Describe a real or made up but realistic example of a product that went through a time of scarcity, when demand was greater than the supply. What is the product, and why do you think it became scarce? What happened to the price of the product when it was scarce? (3-6 sentences. 2. 0 points) During World War 2, there was scarcity of chocolates. As chocolate was sent to soldiers for their meal which they could carry easily and it was a food which was fresh for several days 11.

Describe a product, and then give an example of a time when the demand for this product might be high and the demand for this product might be low. (2-4 sentences. 2. 0 points) Natural gas is a product that is used to power a few vehicles and heat many houses. In the colder months there is a great demand but in the summer months demand drops off 12.

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Strengths and Weaknesses of the Economic System. (2018, May 18). Retrieved from https://graduateway.com/economics-basics/