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Intro to Business and Technology

In: Business and Management

Submitted By lucy330
Words 704
Pages 3
Lucia Gibson
Week 1 Homework
Professor Tammy Green
November 3, 2013

1. Which economic system is best suited for handling a crisis of epic proportion (hurricane, flood, blizzard, forest fire, and so forth)? Why?
In my opinion, the economic system best suited for handling a crisis of epic proportion is the free-market capitalistic system. The reason I picked this system over the others is that the government has access to many resources, businesses will give aid, and generally people will do a lot to help.
The government counts on the military and the Coast Guard to perform the rescue efforts and provide security for the people affected. Generally, capitalistic systems have more access to monetary funds to help the affected areas rebuild and provide basic needs to the citizens impacted.
Besides the aid that the government can provide there are many businesses that will use their own resources to handle crisis. Many businesses will make monetary contributions to non-profit organizations, such as the Red Cross, to help with the relief efforts. The government can also hire businesses have more knowledge on how to better restore areas.
The public as a whole is more willing to rebuild what was lost since it impacts everyone’s life. People are also more inclined to send donations, whether it is monetary or by sending supplies, to the people affected. Most people will not just wait for the government to fix everything; they are more willing to pitch in and volunteer to reduce the time it takes to restore people’s lives. 2. Describe and explain why a socialist system might be the best in responding to the needs of people struck by an emergency situation like the earthquake that occurred in Haiti in January 2010.
The socialist system can better respond in emergency situations because the government can more easily mobilize the resources needed to...

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