Topics: Economics, Communism, Economic system Pages: 6 (2051 words) Published: November 23, 2013
Assignment Type: Individual Project   Deliverable Length: 10–PowerPoint Slides     Points Possible: 150   Due Date: 2/16/2013 11:59:59 PM  CT     

You are between jobs and have decided to relocate to a city west of the Mississippi River, but you are unsure of what size or type of city you and your family can afford to live in. Choose 4 cities west of the Mississippi River, each of a different size, and research the housing prices for a 3-bedroom, 2-bath condo for each city. Determine how supply and demand can affect the prices of these homes. In a PowerPoint presentation, submit data findings that include economic factors within that area that may influence your decision, or factors that have prohibited an area to be chosen. Present the data in the following format:

1 slide of housing data findings. Provide the housing prices of each chosen city west of the Mississippi for a 3-bedroom, 2-bath condo or house. 2 slides of your preferred city to relocate with your reasoning for this choice 1 slides: Explain at least 2 reasons why housing prices vary from city to city 3 slides: Explain 3–4 ways in which supply and demand affect the prices of the homes 3 slides: Include any supply and demand figures or calculations to support your reasoning Cite sources using APA style.

Economic Systems
Every country has an economic system that is a complex combination of laws, customs, and organizations including businesses and government. Economic systems produce what the society wants and needs—sometimes effectively and often poorly. Economic systems can be divided into two fundamentally different camps: demand economies and command economies. Demand economies are driven largely by consumer wants while command economies respond to the directives of the country's government, ruling party, or leader. Each country's economic system, be it command or demand, must answer three basic questions:

What is to be made (e.g., schools or prisons? airplanes or computers? how many?) You cannot have everything, so you must choose some of both or all of one and none of the other. For example, North Korea spends 80% of its gross domestic product (GDP) on its military, leaving 20% for domestic needs. The United States, by contrast, spends about 20% of its federal budget on defense How are these products and services to be made and/or provided? That is, are they made and/or provided by privately run or state-run enterprises or some combination of the two? Most economic systems are some combination called a mixed economy.

How are the benefits to be distributed or shared? A pure capitalist economy says that he/she who makes the money keeps the money. A communist society, by contrast, says that system is unfair. A communist government owns and controls 100% of productive assets then redistributes the benefits to the people equally. This practice, however, only works in theory.

Historically, capitalism was first launched by the steam engine and the Industrial Revolution that occurred around 1750. Capitalism and the Industrial Revolution forever changed how people worked and lived. Many of the changes were good, but there was a dark side as well. Children worked fourteen or more hours a day in extremely dangerous work environments. Karl Marx proposed that there must be a better way; he called his proposed form of government socialism. Socialism, Marx wrote, would eliminate the profit motive and therefore the need to exploit those in the labor force who are the most vulnerable and powerless. Instead, he said, mankind can live in harmony in a socialist economic system, where each person gives what he/she can and is given what he/she needs. Then, Marx believed, the State and the government would eventually wither away.

Socialism, the system that Marx envisioned in the 1850s, turned into something very different when it was tried in Russia in 1917 with the Russian Revolution. Instead of the dictatorship of the proletariat,...
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