Discussion on Economic Systems

 NEED 2 – 3  PARAGRAPHS FOLLOW-UP RESPONSE TO PEER STUDENT WITH 1 REFERENCE:
ORIGINAL TOPIC:

Assignment 1: Discussion—Economic Systems, Comparative Advantage

An international business must understand the economic system embraced by the host country and its implications. Moreover, there are powerful economic arguments in support of international trade and they provide a useful perspective on international business.Research economic systems using your textbook, Argosy University online library resources, and the Internet. Respond to the following:

  • Which economic systems would be most suitable for a country: centrally planned, mixed economy, or market economy?  Since Canada is the #1 trading partner with the USA, focus specifically on Canada. Research Canada’s mixed economy and comparing it to the American economy covering any comparative advantages of Canada. State any assumptions you make and give reasons for your position.

STUDENT RESPONSE:

 

Which economic systems would be most suitable for a country: centrally planned, mixed economy, or market economy?  Since Canada is the #1 trading partner with the USA, focus specifically on Canada. Research Canada’s mixed economy and comparing it to the American economy covering any comparative advantages of Canada. State any assumptions you make and give reasons for your position.

Centrally Planned Economy: “Economic system in which a nation’s land, factories, and other economic resources are owned by the government, which plans nearly all economic activity” (Wild, 2016, p. 81).

Mixed Economy: “Economic system in which land, factories, and other economic resources are rather equally split between private and government ownership” (Wild, 2016, p. 82).

Market Economy: “Economic system in which the majority of a nation’s land, factories, and other economic resources are privately owned, either by individuals or businesses” (Wild, 2016, p. 83).

Living in the United States, I would say that a Market Economy is the most suitable for any country; if I did not believe this I would not continue to live here.  A Market Economy depends on the laws of supply and demand. Supply and demand are determined by a countries ability to produce, their resources, and their ability to convert these resources into goods. This type of economy has a much more competitive market and the choice to produce certain goods and services is determined by private owners and not the government.  Their decisions are driven by profit and profit is driven by supply and demand.  This type of economy is driven by self-interest; buyers want to purchase goods at the lowest prices and sellers want to sell at the highest price possible.  There is a lot more competition and there are a lot more choices.  Greater choices in goods is a major benefit in a Market Economy; if there is a demand for a certain good, there is a producer willing to sell it.  This type of economy also creates greater efficiency of resources; because profits determine what is produced and only efficient producers survive the competition.  Another major benefit to a Market Economy is innovation; because only the most efficient producers survive this drives the needs for newer and better ways of doing things.  Competition in this economy also increases quality; again higher quality means greater demand.

I do agree that there are some aspects of Canada’s Mixed Economy that we would benefit from.  There are great advantages for a country when their government safeguards their economy, which in turn protects the consumer (i.e. the citizens).  According to Amadeo (2018) a Mixed Economy focuses a lot more on the citizens’ needs compared to other economic systems.  “These include aerospace, energy production and even banking. The government may also manage health carewelfare and retirement programs” (para. 6).  A Mixed Economy like Canada’s allocates funds and resources to the most efficient producers; this generates greater goods at lower prices for their citizens.  This type of economy also focuses and allocates a lot more of their resources toward areas of the country that could be ignored or neglected in a Market Economy; areas like technology and aerospace.

Reference:

Amadeo, K. (2018). Market economy, its characteristics, pros, cons, with examples. Retrieved from the Balance website: https://www.thebalance.com/market-economy-characteristics-examples-pros-cons-3305586

Amadeo, K. (2018). Mixed economy, its characteristics, pros, cons, with examples. Retrieved from the Balance website: https://www.thebalance.com/market-economy-characteristics-examples-pros-cons-3305586

Wild, J. J. (2016). International Business: The Challenges of Globalization, 8th Edition. [Argosy University]. Retrieved from https://digitalbookshelf.argosy.edu/#/books/9781323424698/.

NEED 2 – 3  PARAGRAPHS FOLLOW-UP RESPONSE TO PEER STUDENT WITH 1 REFERENCE:


Get Professional Assignment Help Cheaply

fast coursework help

Are you busy and do not have time to handle your assignment? Are you scared that your paper will not make the grade? Do you have responsibilities that may hinder you from turning in your assignment on time? Are you tired and can barely handle your assignment? Are your grades inconsistent?

Whichever your reason may is, it is valid! You can get professional academic help from our service at affordable rates. We have a team of professional academic writers who can handle all your assignments.

Our essay writers are graduates with diplomas, bachelor's, masters, Ph.D., and doctorate degrees in various subjects. The minimum requirement to be an essay writer with our essay writing service is to have a college diploma. When assigning your order, we match the paper subject with the area of specialization of the writer.

Why Choose Our Academic Writing Service?

  • Plagiarism free papers
  • Timely delivery
  • Any deadline
  • Skilled, Experienced Native English Writers
  • Subject-relevant academic writer
  • Adherence to paper instructions
  • Ability to tackle bulk assignments
  • Reasonable prices
  • 24/7 Customer Support
  • Get superb grades consistently

How It Works

1.      Place an order

You fill all the paper instructions in the order form. Make sure you include all the helpful materials so that our academic writers can deliver the perfect paper. It will also help to eliminate unnecessary revisions.

2.      Pay for the order

Proceed to pay for the paper so that it can be assigned to one of our expert academic writers. The paper subject is matched with the writer’s area of specialization.

3.      Track the progress

You communicate with the writer and know about the progress of the paper. The client can ask the writer for drafts of the paper. The client can upload extra material and include additional instructions from the lecturer. Receive a paper.

4.      Download the paper

The paper is sent to your email and uploaded to your personal account. You also get a plagiarism report attached to your paper.

smile and order essaysmile and order essayPLACE THIS ORDER OR A SIMILAR ORDER WITH ASSIGNMENT DEN TODAY AND GET AN AMAZING DISCOUNT

order custom essay paper
Order a unique copy of this paper
(550 words)

Approximate price: $22

Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

We value our customers and so we ensure that what we do is 100% original..
With us you are guaranteed of quality work done by our qualified experts.Your information and everything that you do with us is kept completely confidential.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

The Product ordered is guaranteed to be original. Orders are checked by the most advanced anti-plagiarism software in the market to assure that the Product is 100% original. The Company has a zero tolerance policy for plagiarism.

Read more

Free-revision policy

The Free Revision policy is a courtesy service that the Company provides to help ensure Customer’s total satisfaction with the completed Order. To receive free revision the Company requires that the Customer provide the request within fourteen (14) days from the first completion date and within a period of thirty (30) days for dissertations.

Read more

Privacy policy

The Company is committed to protect the privacy of the Customer and it will never resell or share any of Customer’s personal information, including credit card data, with any third party. All the online transactions are processed through the secure and reliable online payment systems.

Read more

Fair-cooperation guarantee

By placing an order with us, you agree to the service we provide. We will endear to do all that it takes to deliver a comprehensive paper as per your requirements. We also count on your cooperation to ensure that we deliver on this mandate.

Read more

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
error: Content is protected !!
Open chat
1
You can contact our live agent via WhatsApp! Via +1 817 953 0426

Feel free to ask questions, clarifications, or discounts available when placing an order.

Order your essay today and save 20% with the discount code VICTORY