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Project Part 1 Microeconomics

In: Business and Management

Submitted By subterfuge
Words 652
Pages 3
Date: 8/5/2013
To: Lead Economist Laura
From: Alex Anderson
Subject: Project Part 1

After some research, I have come to a series of conclusions that I will explain in the document.
To understand what type of economy the United States has, first we must consider the three types of economic outlines. These are central, market, and mixed economies. By taking a closer look at how each type of economy operates, and looking at examples of each, we can come to an understanding of what best fits the model of the United States. First, we will take a closer look at a central economy. This type of economy has its grounding in government rulings. At first description this sounds as though it would fit properly for the United States government as the government regulates taxes and tariffs on trade. However, in the case of a central economy system, the government makes all the economic decisions, preventing people (individuals or firms) from being able to affect the current market within the bounds of the system. This also has a very high chance to have a black market for many different good due to high government control. For example, if a certain good (milk) were to be set a low price, those who produce the milk may save some of it to sell to a black market for a better price on their good. Likewise, this control can be used in conjunction with knowledge of the average budget to fix prices so only people working for the highest power parts of the government can have excess capital to spend on goods. This further description does not properly fit how the United States is operated. A country that has this type of economy is North Korea. Next we look at a market based economy. In a market based economy, the free market decides the price for everything based on supply and demand. This also sounds quite like how the United States is operated. There is more to…...

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