The Economic Systems

The Economic Systems

• 1.What are characteristics, strengths and weaknesses of capitalist economies? Socialist economies? Mixed economies? Explain how economic conditions contribute to class stratification.
• 2.What are the differences between the power elite model and the pluralist models? What does research suggest about these models? Provide a possible strategies to reduce power inequalities on a national or global scale.

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Introduction. Economics refers to the social science that deals with the production, distribution and the utilization of goods as well as the services (Zhang, Kevin, and Yunyu, 2017). The system through which the products are produced, distributed and consumed is referred to the economic system. Capitalist economies. These are the financial systems that are owned and are mainly operated privately and are meant to make profits. The capitalist economy is a kind of a system that is primarily practiced in a competitive market (Gerasimov, et al., 2015)……………………….

APA 845 words