Question

In reviewing the financial records of your family printing business, you wonder what it would be like to expand overseas. As you consider that expansion, you recall from your college business class that there are four primary economic systems in the world today. They are: Communist Socialist Mixed Capitalist Review each of the following descriptions of a country’s business environment below, then match the description to their economic systems by choosing your answer from the drop-down menu. a. With no minimum capital standards, starting a company only requires some simple paperwork. Flexible labor regulations means you can hire employees as long as you follow certain guidelines and laws. b. On average, it requires over 100 days to incorporate a company, and obtaining necessary permits takes 400 days. And some key industries are owned by the state, so you would need to evaluate whether private businesses in your industry are even allowed. c. Only state enterprises can enter into economic agreements with foreigners as minority partners; ordinary citizens cannot participate. All means of production are owned by the state.

Answer 1

Communism is the economic system that is defined as an economic and political system in which the government makes almost all the economic decisions and owns almost all the major factors of production. Communism is on the decline however it is still practiced in countries such as Cuba. Communism is a flawed economic system since all the decisions are made by the government and the economy is not allowed to adjust

Socialism is an economic system based on the collective ownership of the means of production, collective distribution of goods and services, and government regulation of the economy. Although the ideology of socialism calls for resources to be distributed according to need and not the ability to pay, socialist countries found it necessary to pay higher salaries for some jobs in order to entice people to take on greater responsibilities. By narrowing the huge pay gaps that characterize capitalist nations, however, socialist nations established considerably greater equality of income

A mixed economy is an economic system in which both the state and private sector direct the economy, reflecting characteristics of both market economies and planned economies. Most mixed economies can be described as market economies with strong regulatory oversight, and many mixed economies feature a variety of government-run enterprises or government provision of public goods

Capitalism is an economic system based on the laws of market competition, privatization of the means of production, and production for a profit, with an emphasis on supply and demand as a means to set price

a. With no minimum capital standards, starting a company only requires some simple paperwork. Flexible labor regulations mean you can hire employees as long as you follow certain guidelines and laws:-  Capitalism

b. On average, it requires over 100 days to incorporate a company, and obtaining necessary permits takes 400 days. And some key industries are owned by the state, so you would need to evaluate whether private businesses in your industry are even allowed:- mixed economy

c:-Only state enterprises can enter into economic agreements with foreigners as minority partners; ordinary citizens cannot participate. All means of production are owned by the state.:-  Communist