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Scarcity is the fundamental challenge that all individuals and nations must confront. Everyone faces some limitations, so we all have to make choices where we limit or allow ourselves to something.
Economists generally recognize four types of economic systems traditional, traditional, command, market and mixed.
A traditional economic system is shaped by tradition. The work that people do, the goods and services they provide, how they exchange resources… all tend to follow a pattern. The traditional system is bad at addressing scarcity because scarcity is formed off of new requirements people have through the ages and a traditional system would not evolve just as our requirements would.
In a planned economy, the government controls the economy. The state decides how to use and distribute resources. The government regulates prices and wages; it may even determine what sorts of work individuals do.
Socialism is a prime example of a planned economy. Socialism does not work because it is not consistent with the fundamental principles of human behavior. The failure of socialism in countries around the world can be traced to one critical defect: it is a system that ignores incentives.
Market economies allow all economic decisions to be made by individuals. The unrestrained interactions between individuals and companies in the marketplace determine what happens to all the good and resources.Individuals choose how to invest their personal resources and individuals decide what to consume. Within a pure market economy, the government is entirely absent from economic affairs.
A mixed economic system combines elements of the market and command economy. Many economic decisions are made in the market by individuals. But the government also plays a role in the allocation and distribution of resources.
If scarcity is looked at on a macro level, the best economic system is mixed because it allows the government to also plays a role in the allocation and distribution of resources, while the individuals still stay happy because they have some control. The only problem is the eternal question of what the right mix between the public and private sectors of the economy should be.
There is no point to look at it on a micro level because almost no country is small enough to be considered on that level.
An economic system is a means by which societies or governments organize and distribute available resources, services, and goods across a geographic region or country.
- There are many different types of economic systems used throughout the world. Some examples are socialism, communism, and capitalism. The United States has a capitalistic system.
- Laissez-faire economy, market economy, free enterprise, industrialism, state capitalism, non-market economy, mixed economy, state socialism, Private Enterprise are some of the economy system.
The Mixed economic system
- The mixed economic system is defined as an economic system that combines the elements of a market economy and the elements of a planned economy.
- It is a synthesis of socialism and capitalism, which contains both private enterprises and public enterprises. Most modern economies implement a mixed economic system.
- Two examples of mixed economies are the U.S. and France.
The Industrialism
- Industrialisation is the period of social and economic change that transforms a human group from an agrarian society into an industrial society.
- This involves an extensive re-organisation of an economy for the purpose of manufacturing.
- Industrial globalization is the process by which organizations enable cross-border production, allowing the to identify and capitalize on new markets.
- This can lead to advantages, such as reduced costs of supplies and labor, partnership opportunities, and additional markets for commerce.
To learn more about Economic systems and it's types refer: https://brainly.com/subject/history
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