Which economic system is best suited for handling a crisis of epic proportions?
The economic system that is best suited to handle this would be a planned system. The planned system would be able to provide more resources for relief being that the government controls the allocations of this systems resource. Specifically socialist because socialism provides goods and services to satisfy human need, in a time of crisis the government would play a significant role with aiding the socialist system in the rebuilding process, making sure that everyone involved received assistance. Being a nonprofit system socialist have free range to make decisions for the best interest of the people as opposed to the capitalist system who’s decision are basically dictated.
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 socialistic system would be the best at responding to needs of the people because this system was basically designed for the people. As human beings we tend to come together when disaster strikes, in a socialistic system everyone has a role to play and everyone knows their responsibilities they don’t have to wait for the government to give them the okay to take action. Although the government will play a large role in supplying resources for the well-being of the people in this system such as transportation to get supplies to the people who were affected and also provide health care to those who were injured.
Use the laws of supply and demand to explain why the cost to heat our homes and businesses goes up in the winter time. Be sure to explain your answer fully.
The cost of heating our homes and business increases in the winter time because the demand for gas increases. Gas is a natural resource that is used to heat our homes, in the winter time the price is more because more people are using it. During the warmer...