(to be completed by the student)
Please complete Section A in Block Capitals making sure that you include your Student Number, Module Code and Group Number. FAILURE to do so may result in your assignment being delayed. If you are unsure of any of the above please check at the Business School Student CentreReception. |
Student Number (s): | U1033217 |
Programme:(e.g. Business Management) | International Business |
Module Title: (e.g. Studying for Business) | Introduction to Economics | Seminar Group | 2 |
Module Code: | FE1024 | Word Count | 1,566 |
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(to be completed by the tutor marking assignment)
Assessment Criteria: | Weightings | Criteria based Feedback | Mark Achieved |
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Presentation including language and grammar | | | |
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TOTAL MARKS | 100% | | |
Good practice demonstrated: |
Aspect to consider for improvement: |
Tutor's Name: | |
Date Received: | | PROVISIONAL
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QUESTION 1 : Compare and contrast a planned economywith a free market economy. Discuss why in reality most economies are mixed economies.
This essay will talk about three different types of economies. In a first part we will be talking about a planned economy. In a second part we will explain what a free market economy is and to finish we will discuss about the mixed economy which is chosen by most country to rule their own economy.
Aplanned economy is an economy system which is ruled and organized by the government. The economic decisions are related to the investment, the allocation and the allocation of resources. Moreover, the prices are fixed by the government. The characteristic of this economic system is that even if the business is private, the government has the control on the means of production. A planned economy is usein government system called oligarchy or dictator ship. For example, before 1991, India and the Soviet Union had a planned economy.
An advantage of this type of economy is that there is some quid of stability in the market. Any business can sell goods and services whether people do not really need them. The government helps them. An other advantage of this economy, is that with the help of thegovernment, social goods and services can ensure to be product even if there are not very productive.
But there are many disadvantage for a planned economy. If something has not been planned everything goes wrong. Moreover, it is impossible to predict the consumer buying behavior. The government has goals to reach but the consumers may not respond like it was planned.
So a planned economy can notsatisfy the consumers and is not very successful in a long term.
A free market economy is characterized by the exchange between two people of goods or/and services. The economic exchange is made thanks to value judgment. For example, one child has got one apple and an other one has an orange. The exchange is possible it is fair. But you will not exchange a car against a orange because they donot have the same value. Most of the exchange are money against a good or a service.
In a free market economy, the government has got no control at all. The problem of this economic system is that social goods and service can not survive. So people lose their social advantages .
The free market economy is ruled by the demand and the supply. In fact the demand and the supply rule the prices...