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US Economic System

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• Discuss the different economic systems and how they compare to the US economic system.

There are four primary systems of an economy: Capitalism, Communism, Socialism, and a Mixed Economy.
Capitalism is a freer form of economics that allows businesspeople to privately own their businesses with little restrictions on what can be produced by their organizations. Profit is the number one objective and employee wages are flexible up to a certain point; there is a minimum amount established by each state based on the average cost of living. Capitalist companies are free from government interruption, aside from taxes. State Capitalism, on the other hand, is a mixed practice where the government has certain control over the firm. The United States …show more content…

When a store is low in supply, they will resupply by having the leftover products (non-perishable) shipped from other branches and warehouses, either to the location they are running low on or to the customer who purchased the items online.

Wal-Mart Stores, Inc. has been building their sites to the specs of 1 million square feet in size (2017), with a holding capacity of roughly 500,000 items. This quantity is more than ten times the average shopping center at 30-50 thousand items. This plethora of available items is what draws new customers every day. Because their customers demand goods at a specific price range, they need to keep on top of suppliers, competitors, and consumer behavior.
The reason they are so good at staying on top of consumer behavior is because of the program that S. Walton and D. Glass put into development in 1985 called Retail Link (Hornblower, 2004 para. 2). This program cost $4 billion, and several years of development, this program allows for more accurate demand forecasting to reduce product waste and profit losses. This means that Walmart has a more stable environment to address supply and demand in an orderly fashion, either in stores or …show more content…

Using only words of boasting from the Walmart website, I can only assume that they have a vast quantity of suppliers at the ready to restock shelves and online goods because they are never sold out for long; unless the product is replaced with a better version.
The average price is the “everyday low price” that Walmart offers its customers, while low represents Walmart’s rollback program that will reduce the price to match the competitor’s. Not meant to scale.

• Explain how your business would operate differently if it was part of a different economic system.

Thanks to the restrictions of a socialist-capitalism, Walmart cannot run every company out of business. The corporation succeeded in many other countries aside from America because of its stable supply chain and desirable prices. The countries it failed in either already had a cheaper all-purpose super center, it’s supply was weakened by small business suppliers, consumers did not want or need all the additional products, or there were just cultural barriers between customers and the employee codes of

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This is most likely because they choose to mistreat and exploit their employees for higher profit gain. Based on quotes from former and current Wal-Mart employees and Olsson’s own words, a union is definitely necessary for Wal-Mart. From reading this essay, I see just how obvious the mistreatment is; constantly overworked employees are struggling to keep themselves afloat as their superiors are pressuring them to work more with no pay. This has been illegal for well over 50 years and unionization was deemed lawful in the 1840s. This being said, I feel that Olsson’s claim of underrepresentation is completely

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Some people may wonder how, with such low prices, Wal-Mart can sustain such a large profit margin. Well according to Jim Hightower, that answer lies within Wal-Mart’s workforce. Hightower believes that Wal-Mart is tricking its workers into thinking they are, “one big, happy family,” when in reality those workers are being exploited. According to Jim, Wal-Mart is diverting their workers from the actual issues such as, “fair wages, hiring discrimination, or unionization.” This is backed up in the 2004 documentary aired by PBS called, “Is Wal-Mart Good for America?”

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Many corporations move to the mandate of a global capitalistic economy, and over the past quarter-century, several large multi-store retailers have experienced considerable growth. Wal-Mart is one of the leading industry giants with a presence in scores of markets that virtually all other vendors cannot compete. In a 2003 New York Times article “Ideas & Trends: Discount Nation: Is Wal-Mart Good for America?” Columnist Steve Lohrdec reported that “Wal-Mart points the way to a grim Darwinian world of bankrupt competitors, low wages, inadequate health benefits, jobs lost to imports and destroyed downtowns and rural areas across America.”

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Walmart was founded in the summer of 1962 by Kingfisher, Oklahoma native Sam Walton. Although Walton’s original vision for the store was relatively modest, the half century since its founding has seen Walmart morph into one of the biggest companies in the world. Today headed by one Doug McMillon, Walmart boasts more than 5000 stores in the United States of America alone and employs more than 1.5 million people. Walmart is undoubtedly an American institution, yet each Walmart store feels like its own little country. Walmart seems to have its own laws and customs and the people who shop their on a regular basis appear almost primitive in their behavior as they go about raiding the store’s shelves and wrestling with fellow customers for discount flat screen televisions and bulk packages of two-ply toilet paper.

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The Shopper claims, “It's very convenient for me to be able to get a one-stop shop.” Customer don’t want to waste their time going far as they can find everything at one place and they can save money. Wal-Mart has more than thousands of items that are very useful for consumers for everyday use. Walmart stores has lower prices than

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Since the company was founded as a corner store, the company’s business plan has always emphasized on expect more, pay less brand promise that sets it apart from its chief rival, Walmart. Although, Walmart is known for its low prices and offers a large selection to its customers; it’s customer service is often found to be nonexistent. This

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Economic systems are the means by which a country and the government distribute resources and trade goods and services. It is a system of organizing a country's economy. There are different ways of organizing a country's economy with certain ones working better for one region but destroying another. The basic ones are mixed, market, traditional, and command economies. The United States uses a mixed economy while Soviet Russia uses command economy.

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Around the world there are different types of economic systems which include traditional, market and command economies. Each one is different than each other. In command economies the government has complete control of the country and can make all the economic decisions. In a market economy the government does not have complete control it is a system in which supply,demand and price market help people make choices. These economic systems have their advantages and disadvantages.

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The article “Labouring the Walmart Way,” author Deenu Parmar talks about how Walmart is able to achieve selling goods at a lower price then any average superstore. The author goes on to explain that Walmart’s antiunion efforts, employee selection, low prices and high retention rate all contribute to their major success. Walmart’s stance on ant unionism allows them to keep wage cost down and keep all their profits up. Not allowing a union keeps Walmart with the power to keep low wages and force unpaid overtime.

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‘Is Wal-Mart Good for America?’ On PBS Frontline, May 11, 2015 ‘Is Wal-Mart Good for America?’ is a documentary that examines the relationship between Wal-Mart’s rapid growth and its impact on the US economy ever since it blossomed in trade productivity in the mid 20th century. The documentary, published on February 2014 by PBS Frontline, conveys a deep understanding of how Wal-Mart changed the living standards of many Americans and took consumerism and retail logistics in the U.S. to another level; by cutting costs through offshore outsourcing to China and employing cheap Chinese labor. The documentary focuses on the changing relationship between big retailers and manufacturers and the transition in pricing and decision-making.

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Wal-Mart is a powerful and influential grocery store in America and even in the world. It has a good reputation in terms of convenience, variety and good value for money. The greatest strengths of Wal-Mart are “the consumer understanding of low prices, their market clout, their competence in information technology, and their wide store and distribution network” (Internal Analysis of Wal-Mart 2015). The company has built good reputation among consumers during several decades’

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It has been able to identify the dynamic wants of customers and compete with physical store rivals as well as its E-Commerce rivals such as Amazon. This is well showcased from Wal-Mart’s newest strategy of keeping its online prices almost on par to that of Amazon’s. It was seen that Wal-Mart kept its products priced just 0.3% higher than Amazon's listings, clearly exhibiting the company's endeavors to gain a significant market share during the festival

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There are three main types of economic system that have already existed in the 20th century which are command economy, capitalist economy and mixed economy. However, we can relate these three economic systems with government, business and society because they are interrelated to each other. The first economic system is command economy where there is no private ownership of property and the government takes full responsibility for the economy. In this type of economic system, production is not undertaken for profit.

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