The Five Economic Systems In The United States

Economic systems are when countries and governments distribute resources and trade goods and services. They are used to control the five factors of production, including: labor, capital, entrepreneurs, physical resources and information resources. Every country needs a good economic system because it helps run things more smoothly for the people. These are the five economic systems I’m going to be talking about, capitalism, socialism, market economy, command economy, and traditional economy. Capitalism is an economic and political system, this is when a country's trade and industry are controlled by private owners for profit. An advantage of capitalism is that you can have private properties and the owners of these properties are allowed to

This means that the price of something will be however much it is profited for, basically supply and demand. An advantage is that they’re a lot of hard working employees due to losing their jobs or being laid off because products aren’t selling. The disadvantages are that the work hours are long and the pay isn’t that great with very little benefits. The history of a market economy is whenever jobs have hard workers like people who cut grass and work all day long and get paid minimum wage. Teachers don’t make enough money than they should either. In the United States the market economy is based on that individuals have the freedom to make well-formed decisions. The consumers are allowed to buy any type of product from any choices and a worker to work under any employer. The Singapore Market economy is distinguished by an open business environment and is a relatively corruption-free. Australia is the first five countries developed in the world. There market economy is fantastic. There system relies on trade, manufacturing, services and finance. Australians living has grown in the past fifteen years, its right below the United States