Activities for 3 Economies of the World 1. Name the 3 economies of the world tod

Question

Activities for 3 Economies of the World 1. Name the 3 economies of the world today (2016) e. us Define each of them. Provide major characteristics of each. economy, The econom of china, The economy of Cormany 2. 3. What are the advantages of each of the 3? 4. What are the disadvantages of each of the 3? 5. For each of the 3, name 3 countries that live under that economy 6. What is the most important feature to you that an economy might provide? 7. What is the least important feature of an economy to you? 8. Can the type of economy have a direct relationship with per capita income? Explain. 9. Project 20 years forward (2036,) what type of economy do you believe the U.S. will have? State a few things you would expect from that economy. 10. How did the U.S. decide to settle on capitalism? Explain.

Explanation / Answer

6. The most important feature an economy can provide me is a balanced wealth distribution among people which can eliminate income inequality.

7. The least important feature to me of an economy is human capital or population aspect.

8. A Command (planned) economy can have a direct relationship with per capita income. In this type of economy government controls most of economic activities. Government creates a central economic plan, creates laws & regulation to enforce plan & also allocates resources according to it. Thus in this type of economy government plays a central part in creating wealth & distribution among people.

9. Since U.S is a capitalist economy led by technology & industrial revolution & continues to favor free market concept. The U.S economy will remain a capitalist economy witnessing next phase of technological revolution.

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