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Effects of Economic Choices on our Lifestyles

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Mary Daniel

on 3 May 2015

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Transcript of Effects of Economic Choices on our Lifestyles

Communism causes people to view themselves not as self-sufficient individuals but rather depend on the government to provide every aspect of their well-being.

By rewarding the worker and the slacker equally, it eliminated the need for people to exert themselves beyond their immediate needs to benefit their society which harms the economy.
Economic systems:
Economic Systems:
The government's role is restricted to providing and enforcing the rules of law by which the economy operates, but it does not interfere with the market.

The companies are privately owned.
Economic transactions take place in markets, where buyers and sellers interact.
Businesses and employees are free to pursue their own self-interest.
Economic Systems:
Effects of Economic Choices on our Lifestyles
Communist countries decided on a centrally planned economy (aka command economy).

The government owns all means of production, which is managed by employees of the state.
These employees set output targets in prices and frequently interfered with the operations to satisfy personal or party desires.
Because of the Communist Party's desire to retain power, most economic resources were devoted to industrialization and to the military, depriving consumers of food and other necessary products.
The definition of socialism varies widely, but it can accurately be described as an economic system between communism and capitalism. Like communism, socialism seeks to redistribute the wealth equally. However, unlike communism, most small or nonessential businesses would remain privately owned.

Increases the standard of living.
Freer trade between countries
Increases employment for skilled workers.
Increases the difference in incomes. (The poor become poorer.)
Increases technology in agricultural areas which lessens the need for unskilled workers.
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