Economic Systems//Economics EP#3

thepsychguide (51) in economics • 7 years ago

Hello there fellow steemians. Welcome to episode 3 in our course on economics. You can check out the first episode here and the second episode here. As always kick back grab your cup of coffee and relax. Also while you are at it you may want to play the music at the bottom of the article.

What is an Economic System?!

So to pick up where we left off, we all have wants. Food, a beautiful home a ridiculously expense gold platted watch for no apparent reason are some of the things we want but as we all know you can't always get what you want. We don't have an infinite amount of supplies time or workers and that's why we have to make choices. But what does this have to do with an economic system anyway? Well in any economic system there are generally three things we have answer:
What will we produce? How will it be produced? and Who gets it?

Types of Economic systems

Let's take a look at two different economic systems: Market Economies and Commad Economies.
In Command Economies, the government controls the factors of production and those my dear reader are the things required to produce stuff like labor and capital. The government here chooses what to produce how to produce it and who gets it This is different from communism or socialism as in the words of Karl Marx

The theory of communism may be summed up in the single sentence: abolition of private property.

So true Communism is a classless society.

In Market Economies ,however, people are ones who control the factors of production. Businesses here make everything from shoes to cars. This kind of economy creates an incentive for businesses to improve their products and services for stay relevant to the consumer. A prime example of this would be the competition between Apple and Samsung where each company is trying to improve upon its products to win over the regular consumer

The Government

So it may seem like the markets work perfectly fine and any government intervention just messes everything up but that isn't quite the truth. See not all government interventions and regulations are bad. Think of the regulations that help protect workers or the regulations on pollution. So to be fair some form of government regulations is always needed. However, too much regulations and you end up with a slow and lagging economy

That's it for today. Let me know if you like the idea of music into the article and to get notified of the upcoming episode just leave #notify down below. As always don't forget to upvote and follow. Have a Great Day and SteemON.

economics money curiousball economy notify

7 years ago by thepsychguide (51)

$7.51

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!

Sort Order:

Trending

[-]

avilsd (63) · 7 years ago

Awesome Post

$0.51

1 vote

[-]

max1994 (1) · 7 years ago

great post

$0.04

2 votes

[-]

thepsychguide (51) · 7 years ago

!originalworks

$0.00

1 vote

[-]

originalworks (69) · 7 years ago

The @OriginalWorks bot has determined this post by @thepsychguide to be original material and upvoted it!

To call @OriginalWorks, simply reply to any post with @originalworks or !originalworks in your message!

To enter this post into the daily RESTEEM contest, upvote this comment! The user with the most upvotes on their @OriginalWorks comment will win!

For more information, Click Here!
Special thanks to @reggaemuffin for being a supporter! Vote him as a witness to help make Steemit a better place!

$0.00

[-]

cekmust (55) · 7 years ago

nice article @thepsychguide

$0.00

1 vote

[-]

deesy (51) · 7 years ago

good post

$0.00

1 vote

[-]

minnowsupport (70) · 7 years ago

Congratulations! This post has been upvoted from the communal account, @minnowsupport, by thepsychguide from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews/crimsonclad, and netuoso. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.

$0.00

[-]

minnowbooster (73) · 7 years ago

@thepsychguide got you a $7.18 @minnowbooster upgoat, nice! (Image: pixabay.com)

Want a boost? Click here to read more! @originalworks

$0.00

[-]

resteem.bot (65) · 7 years ago

Resteemed to over 4500 followers and 100% upvoted. Thank you for using my service!
Read here how the new bot from Berlin works.
@resteem.bot

$0.00