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2 pages/≈550 words
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Style:
MLA
Subject:
Business & Marketing
Type:
Essay
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English (U.S.)
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Topic:

Planned Economies versus Mixed Economies

Essay Instructions:

Topics
The Foundation: Supply and Demand
Capitalism, Planned Economies, and Mixed Economies
Measuring and Modulating GDP
Fiscal Policy and Monetary Policy
Other Important Indicators of Financial Health
theme：
After exploring the differences and hallmarks of capitalism versus planned economies like socialism or communism, describe the four degrees of competition found within a free market system. Identify at least one example of each of the four degrees of competition, and conduct an analysis that compares the similarities and differences of each competition example. Keep in mind the goal of this assignment is not simply to define these economies alone, but rather to conduct outside research beyond your textbook and unit readings to explore these economies, their hallmarks, and tangible examples.
write a brief 2 – 3 page paper that goes into more depth regarding the differences and similarities of these economies（capitalism, planned economies, and mixed economies）. Be sure to include examples of the four different types of competition within a free market system. Cite all of your research using appropriate MLA Style.

Essay Sample Content Preview:
Name
Course
Instructor
Date
Planned Economies Versus Mixed Economies
Capitalism
Capitalism or the free market system is an economic system based on market forces where production is privately owned and private. The market serves as a mechanism to allocate scarce resources efficiently. The capitalist system differs from planned economies, wherein the latter, the state or government, takes major economic decisions and controls the private sector. The fundamental factors of production are labor and capital. Capitalism proposes that goods and services are distributed through market mechanisms, which promotes competition.
The four degrees of competition found within a free market system are pure competition, monopolistic competition, oligopolies, and monopolies. In pure (perfect) competition, markets there are a large number of competitors and market information. No market participant (buyer or seller) can influence the price alone since each individual is so small in relation to the market as a whole, unlike monopolies where sellers influence pricing because of their market power. An example of pure competition in agricultural markets selling identical food products and items where there are many buyers.
Monopolistic competition is a market structure where firms sell similar but not identical (Mankiw 330). Firms have a monopoly over the products they offer, but others are offering similar products. In monopolistic competition, there are many sellers, unlike a monopoly where there is one seller. For example, the restaurant industry is a monopolistic competition where different establishments offer different foods serving diverse target market markets.
An oligopoly is a market structure where only a few sellers offer similar or identical products (Mankiw 330). Since oligopolies with few large firms dominating a market or industry, the auto industry is one form of oligopoly with co...
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