VII Международная студенческая научная конференция Студенческий научный форум - 2015

Article is devoted to economic systems and their role in the modern economy, the types of economic systems.

The article describes the current model of economic System Works. The document reveals such things as the concept of economic systems, categories of these systems, capitalism, communism, planned economy. The work consists of the following items:

1. Components

2. Types.

3. Evolutionary economics.

4. Context in society.

The paper and the Power Point Presentation may be used in teaching students of colleges and universities, in the classroom, in study groups, in the educational process for training managers and economists. My presentation was used in the classroom for business English in VLSU group MN-112.

Text.

An economic system is a system of production and exchange of goods and services as well as allocation of resources in a society.

Subcategories of different systems there include:

1) planning, coordination, and reform;

2) productive enterprises; factor and product markets; prices; population;

3) public economics; financial economics;

4) national income, product, and expenditure; money; inflation;

5) international trade, finance, investment, and aid;

6) consumer economics; welfare and poverty;

7) performance and prospects;

8) natural resources; energy; environment; regional studies;

9) political economy; legal institutions; property rights.

Capitalism.

Capitalism generally features the private ownership of the means of production (capital), and a for coordination. Corporate capitalism refers to a capitalist Nathan characterized by the dominance of hierarchical.

Karl Marx's theory of economic development was based on the premise of evolving economic systems; specifically, in his view, over the course of history superior economic systems would replace inferior ones. "Inferior" systems were beset by "internal contradictions" and "" that make them "impossible" to survive over the long term.

An economic system can be considered a part of the and hierarchically equal to the law system, political system, etc. There are also various mutually exclusive hierarchical categorizations.

Three types of economic systems exist, each with their own drawbacks and benefits; the Market Economy, the Planned Economy and the Mixed Economy.

Market Economy. In a market economy, national and state governments play a minor role. Instead, consumers and their buying decisions drive the economy. In this type of economic system, the assumptions of the market play a major role in deciding the right path for a country’s economic development. Market economies aim to reduce or eliminate entirely subsidies for a particular industry, the pre-determination of prices for different commodities, and the amount of regulation controlling different industrial sectors.

Planned Economy

A planned economy is also sometimes called a command economy. The most important aspect of this type of economy is that all major decisions related to the production, distribution, commodity and service prices, are all made by the government. The planned economy is government directed, and market forces have very little say in such an economy. This type of economy lacks the kind of flexibility that is present a market economy, and because of this, the planned economy reacts slower to changes in consumer needs and fluctuating patterns of supply and demand.

Mixed Economy.

A mixed economy combines elements of both the planned and the market economies in one cohesive system. This means that certain features from both market and planned economic systems are taken to form this type of economy. This system prevails in many countries where neither the government nor the business entities control the economic activities of that country - both sectors play an important role in the economic decision-making of the country. In a mixed economy there is flexibility in some areas and government control in others.

But not every nation has addressed this challenge in the same way. Societies have developed different broad economic approaches to manage their resources. Economists generally recognize four basic types of economic systems—traditional, command, market, and mixed—but they don’t completely agree on the question of which system best addresses the challenge of scarcity.

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