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Topic: Business Economic / Marketing Systems: Evaluation Criteria
his assignment covers the following learning outcomes
Describe how a market economy functions and the relationships of its major subdivisions or aggregates, such as the government, households, and business sectors. Emphasis will be placed on the U.S. Economy and its linkages to the global economy (CO1)
Construct and interpret economic graphs (CO2)
Analyze economic policies and predict their effects, especially regarding relating theory to real world situations (CO5)
You are going to write a short paper that involves the concepts explored in the material that you have read. We will focus on comparing economic systems.
How do economic systems (central planning versus mixed market) differ in the way they answer the three core economic questions presented in chapter 1?
What specific problems exist with central planning that have led to shortages and surpluses for countries employing this system in the past?
What are the causes of market failure in competitive markets? Using Microsoft Excel or PowerPoint, construct a graphical example of market failure.This should be embedded into a word document.
Provide two specific examples of how government intervention can improve outcomes in markets that would otherwise fail in a competitive market.
The paper should be presented in Microsoft Word, and be no longer than three pages. Please double-space your work.
Review the SBT Textbook Activity (Weekly Assignment) Rubric located in the "Start Here" section of the course for more information on grading criteria. Ensure that:
Description and explanation of concepts and theories is written in your own words and demonstrates comprehension.
Specific characteristics used to describe market and command systems are accurate and clearly described.
Economic Systems Name Institutional Affiliation Economic Systems How central planning and mixed market economic systems differ The major difference between the centrally planned economies and the mixed market economy revolves around the autonomic degree of control. In a centrally planned economy, controls of the economy are centrally located/assigned an individual agency charged with the responsibility of controlling production. All businesses come together for the sole purpose of production of goods and services, which are distributed by the government. The advantage of centrally planned economies is that unemployment is low and needs rarely go unfulfilled. The biggest disadvantage of the centrally planned economies is that they are characterized by inefficiencies and the rate of growth is low. On the other hand, a mixed market economy is a situation in which the go