Question

Please Answer Both Questions

a.Define, discuss, and give real world examples of the main types of social-political-economic systems.

b.Define, discuss, and give real world examples of the 3 significant questions that each economic system must answer regardless of social-political-economic system.

Answer 1

a) A socialist economic system is charactriced by social ownership and operation of the means of production that may take the form of autonomous cooperative or direct public ownership when in production is carried out directly for use. E.g workers vote to make business decisions. The form soviet union is an example of a socialist system. Cuba is an example of a socialist nation. Its economy is state run and it lacks a stock mechange. Health can and education are all completely managed and administend by the government. Political economy is the study of the relationship between individuals and society and more specifically the relationships between citizens and states. Political economy is a study of philosophy and ideology that studies the evolution of political and economic ideas. Political economy is the study of production and trade and their links with custom government and law. It is the study and use of how economic theory and methods influence and descop different social and economic systems.