Experience Economy

The Critical Review of Related LiteratureNameInstructorCourseDateIntroductionThe economic governing body is the the method in which a country produces distributes and consumes goods and services . An economic system must answer four basic economic questions that leave behind direct a nation s economic activity (Pride , Hughes and Kapoor , 2010What goods and services- and how frequently of each- lead be producedHow will these goods and services be producedFor whom will these goods and services be producedWho induces and who controls the major factors of mathematical productFour types of economic systems have been conjecture and implemented throughout human history . These are : traditionalistic rescue , mold rescue , capitalist /free economy and mixed economy . Traditional economy is base on culture , tradition and rituals .

This type of economy , which developed stepwise characterized by slow productivity and low rising capital-labor ratios , ordinarily consist of agriculture based societies (Mokyr , 1989Command economies are economies in which the brass owns and controls major factors of production . Also called centrally planned economy , the government decides on all issues regarding labor , mode of production and what goods and services to produce . Socialist and communist societies are examples of command economies . However , most leaders of these forms of government realized that although it was based on the principle of equality , the system was inefficient leash to shortages or surplus of products which usually resulted in political agitation (Taylor , 2007Capitalist economic system is a system wherein individuals and private enterprises own and operate the...If you want to get a full essay, rove it on our website: Ordercustompaper.com

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