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Epic Proportions

In: Business and Management

Submitted By aseverino89
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Intro to Business & Technology
Aura Severino
Homework Week One Living in New York, there are not many epic proportions that happen other than the occasional rain storms, snowstorms, extreme heat or extreme cold. Until reading this week’s lecture I never really gave it any thought about what economic system would work best when the extreme problems come by like hurricane Sandy. Also when it came to our extremely cold winters, I never really thought about how the laws of supply and demand go hand in hand with homes and businesses receiving heat. Handling Epic Proportions According to our lecture text (2014), Capitalism is the common term for a free-market system. Socialism and communism are forms of a command economic system. When thinking about epic proportions (hurricanes, floods, blizzards, forest fires, etc.) and how they should be handled, I believe that the way the United States have been running things now with a mixed economic systems does work best for everyone. Using both economic systems gives everyone a role to play. Businesses and individual’s work as the capitalist system while the government works as the socialist and communist systems.
Socialist System Better or Worst A socialist system might be the best in responding to the needs of people struck by an emergency situation. The socialist system is the government largely making the decision for the people. For example, the earthquake in Haiti in January of 2010 the Haitian government crumbled under the devastation, lack of funds, and more. The United States gladly stepped in to lend a helping hand and made sure to go into response and recovery mode as soon as possible. On the White Houses’ website, the Office of the Press Secretary (2010), went into great detail to what measures the United States government was taking to help Haiti. According to the article, the United States…...

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