I need with assignment develop an economic brief in which you address the following items: Describe...

I need with assignment

develop an economic brief in which you address

the following items:

Describe the different types of economic systems and the role of government in economics

Identify economic principles and their applications by interpreting diagrams and graphs

Describe how trade impacts a specific industry

Describe how government decisions can impact market outcomes

Recognize industry related strategies to enhance economic efficiency

1. How does trade impact the goods and/or services that this industry provides?

What economic principles for unemployment 6 (e.g., trade, globalization, government spending, fiscal policy, and debt, etc.) would impact strategic decisions for this industry? Include an existing graph, chart, or table that relates to your summary.

How do government strategies impact this industry?

Solutions

Expert Solution

1) The four types of economic systems are:

?Traditional System
This economic system stick to their traditions and beliefs while they produce services.These systems are still used in major parts of the world.There is an advantage where tradition is preserved .
Command System
It is more advanced than traditional economic system but has more disadvantages when compared to traditional system.The centralized power controls the economy in this system and everything is government controlled and regulated.
Market System
Government does not control the major segments of economy and people run the system and control supply and demand in the economy.
Mixed System
It is a combo of economic system, market and command economic system and can be either free or government controlled. America is an example of mixed economic system.

4) Government affects market outcomes inn the following ways:

?Governments always inflate currency to get short term economic boosts
They control monetary policies which is their most powerful weapon.
They also control interest rates by dropping it via federal rates , this is called fiscal policy
They give out subsidies to get tax from the public.

Rahul Sunny answered 1 year ago

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