Week 1 Intro to Business and Tech

In: Business and Management

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There are several variations of the economic system in the world. The two main forms of the economic system are the free market system and the planning system. Some of the sub-economics systems are capitalism, communism and socialism. Each system is handled differently by the government, companies and its citizens of it respective country. For example, in the US, most of the businesses are privately owned with little or no ownership from the government. This is part of the reason why the US is considered to be capitalist. The economic system of a country can determine how its government and citizens handle varying situations. We will discuss with economic system might be best for handling an epic crisis, how a socialistic system could have been the best for dealing with the earthquake in Haiti and why the cost of heating our homes goes up at certain times of the year.

The economic system best suited for handling an epic crisis might be socialism. Socialism is the ownership of resources primarily by the government but also involves the public. This economic system is best because the government will have already planned for anything to come. It services the needs of the people not for profit or control. If a flood or any other disaster where to happen, the citizens and the government would ensure the necessary aid and supply will be produced and distributed to all those in need. This is also a reason why the socialism economic system would have been best fit for the earthquake that hit Haiti.

In 2010, a 7.0 magnitude earthquake struck Haiti and sent shockwaves through the country’s capital of Port-au-Prince followed by 2 aftershocks. Haiti’s buildings were poorly maintained and not up to standard, so when the…...

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