Oakland Community College Economic System Inquiry Paper

Description

Communism, socialism, and capitalism (will also be referred to as free markets) are popular terms used on many social media platforms but do people really know the difference or what they are? How much do you know about economic systems like communism, socialism, and capitalism? Go on an explorative inquiry and see what you discover regarding economic systems. Please cite your sources.

What are the 3 key economic questions?
Define communism and what countries have adopted this system either current or historic.
Define socialism and what countries have adopted this system either current or historic.
Define capitalism (free markets) and what countries have adopted this system either current or historic.
In your search is there any country that is purely a communist, socialist, or capitalist country? If so, please share. If not, please share why not.
We learned in the first class that we study economics because of scarcity (limited amount of resources that meet our unlimited needs and wants). Though this may seem like a simple concept, keep in mind that there are billions of scarce resources that produce everything we consume from bread, hand sanitizers, refrigerators, smart phones, and automobiles. And someone and something must determine what is going to be produced, how it’s going to be produced, and how the price of each good or service? Think of your car. Some questions should pop up in your head like /w was a car made?!nd èat did it take to make that car? Obviously, we think about assembly lines but look at the unseen of all the millions of resources and steps that had to take place to get to the assembly line. Or take a trip to your local grocery store, which is stocked with 50,000 different goods. What did it take to get them all there? To that end, please answer the following questions using the 3 key economic questions (What will be produced? How will it be produced? and How will the output society produces be distributed?) for each economic system.
1. Communism
2. Socialism
3. Capitalism

Explanation & Answer:

3 pages

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