Constructive & Professional Responses Paper
Reply to two classmates posts and be constructive and professional in your responses.
- Consider asking a question in the reply to further the conversation.
- Include a minimum of 100-200 or more words
- Be constructive and professional
- What do you want to acknowledge or know more about from the response you are replying?
- Make sure to edit reply
Classmate 1
When discussing a good example of a common economic system. Capitalism comes to mind as an example to reference. Capitalism from my understanding is not government owned and lacks government intervention. Capitalism means of production is owned by private firms. Which means that the goods and services provided are according to the supply and demand. The pros of Capitalism are the incentives to become rich and the consumers have the right to choose the product they desire. Some of the cons of Capitalism is that monopoly can happened and exploitation of consumers. If monopoly is gained by other firms, they have the power to give low wages.
Classmate 2
In researching for this response to the assignment. I came across and article from “The balance”. This article discusses the pros and cons of a mixed economy. A mixed economy is system that combines private and public enterprise. Mixed economy combines both capitalism and socialism. It also protects private properties and allow more use of capital. A mixed economy has characteristics of market ,traditional, and command economies. It benefits from all three with few disadvantages. Also the government has some control in a mixed economy. The pros of a mixed economy is it protect private property. You have a free market economy. The law of supply and demand and control of prices. The cons are undue influence from private enterprises. Another con is the lack of government support to disadvantage (less competitive) groups. Also unsuccessful regulations may paralyze features of productions.