Question

(10%) 1. Please provide a list of main types of

a). economic systems and very briefly describe the key characteristics of each of them.

b) political systems and very briefly describe the key characteristics of each of them.

Maximum: 300 words (fewer is better).

Bullet-list format for key points and figures preferred, if applicable.

Answer 1

A Answer:

The best way scarce assets get disbursed inside an economic system determines the form of fiscal approach. There are 4 distinctive types of economies system.

1. Traditional Economic System:

The traditional economic system is the most traditional and ancient types of economies in the world. Vast portions of the world still function under a traditional economic system. These areas tend to be rural, second- or third-world, and closely tied to the land, usually through farming. In general, in this type of economic system, a surplus would be rare. Each member of a traditional economy has a more specific and pronounced role, and these societies tend to be very close-knit and socially satisfied. However, they do lack access to technology and advanced medicine.

2. Command Economic System:

In a command economic method, a big part of the monetary method is managed by a centralized energy. For instance, in the U.S. Most selections have been made by way of the crucial government. This type of economic climate was the core of the communist philosophy.

For the reason that the federal government is this sort of important characteristic of the financial system, it is most often concerned in the whole thing from planning to redistributing resources. A command financial system is ready of constructing a healthful deliver of its resources, and it rewards its men and women with cheap costs. This potential also implies that the government probably owns all of the massive industries like utilities, aviation, and railroad.

Pros of Command economic techniques
If executed accurately, the government can mobilize assets on a giant scale. This mobility can furnish jobs for practically all of the citizens.
The government can focal point on the good of the society alternatively an individual. This center of attention could result in a more efficient use of resources.
Cons of Command monetary methods
it is rough for the principal planners to provide for everyones needs. This forces the federal government to ration in view that it cannot calculate demand for the reason that it units costs.
There's a lack of innovation considering there is not any have got to take any chance. Staff are additionally compelled to pursue jobs the government deems fit.

3. Market Economic System:

In a free market economic system, businesses and households act in self-curiosity to examine how resources get allotted, what goods get produced and who buys the goods. This is reverse to how a command economic system works, where the primary executive gets to preserve the earnings.

4. Mixed Economic System:
A mixed financial system is a combination of special varieties of economic systems. This fiscal procedure is a cross between a market financial system and command economic system. In the most fashioned varieties of combined economies, the market is kind of free of presidency ownership except for a couple of key areas like transportation or sensitive industries like defense and railroad.

B Answer:

Four varieties of Political systems
differences in political programs may also be located in how they furnish services, look after rights and enforce the guideline of law.

Democracy
Democracies are based in standards and values, no longer always original practices. There are two forms:

Direct Democracy - each and every citizen has an equal say in government operations, such as city hall conferences where residents vote on government industry. Many states make changes to laws in line with the vote of the people by means of ballot initiatives or referenda.
Representative Democracy - As in the us, citizens choose representatives who make legal guidelines.
A common tenant of a democracy is the approach of free and reasonable elections, in which all citizens of authorized age may take part. Democracies additionally share major principles:

Citizen accountability - residents are anticipated to participate within the method of presidency.
Majority rule and person rights - the bulk decides on legal guidelines and determines who is charged with making them. The federal government is decentralized to the regional and neighborhood level, to be more available to the persons and extra responsive to their wants.
Defending person rights - A primary precept of democracy is protecting general human rights reminiscent of free speech, freedom of religion, freedom to arrange and freedom to totally participate in society.
Republic
In a republic, vigor rests with the humans. Leaders are elected, instead than appointed or inherited, and could also be recalled with the aid of the citizenry. In a vast definition, a republic is a government that excludes a monarch. Many republics in the nineteenth century were established to displace monarchs.

Dictatorship
A dictatorship is an authoritarian type of govt, with one individual holding absolute vigour in ruling the country and enforcing the legislation. Dictators are ordinarily democratically elected, but then exchange the political process to be certain they remain in power. Extra features of dictatorships include:

military Backing - navy dictatorships have a figurehead chief backed by using a military group, or the navy holds an inordinate quantity of power for the period of the government.
No man or woman voice - In a dictatorship, the governed haven't any say in their government. Elections may be held, but the dictator is in general the one candidate.
Human rights violations - To comfortable their vigor and control the citizenry, dictators as a rule put off normal man or woman rights, corresponding to freedom of speech and freedom to assemble. Those opposed to the federal government are as a rule harshly punished or even executed.
Communism
Communism refers to the political ideology of common ownership of the way of construction, where items and products are shared via all in the society. Communism entails these ideas:

A classless society - All way of construction are owned communally, private property is abolished and wage labor is eradicated. Resources are collected and redistributed to others.
Collective management - In communist nations, the vigor and performance of government are most of the time shared by means of a single staff.
Distribution founded on need - An abundance of items produced by using the collective management team is gathered to meet everybodys wishes.
Lack of private freedom - in many communist programs, citizens have no say in the work they do or the place they are living.