Question

4. Considering the topic in this unit of economic systems, analyze how different economic systems handle natural disaster situations. The United States is a mixed economy, largely a market economy with some features of socialism (there are very few " pure" economies for each type of economic system.) How would a drought be handled in a more socialist economy and a command economy and what would cause those distinctions?
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Answer 1

What causes the distinctions between the way nations deal with natural disaster situations are the ideas of the prevailing economic systems.

What are economic systems?

These are the principles of managing the economy in relation to its development, allocation of resources, state intervention and solution of scarcity problems, for example. In the capitalist system, for example, the focus is on profitability through private property, which has greater freedom due to less state intervention.

Therefore, each government will deal with a different natural disaster, for example, allocating resources according to its established economic system and developing strategies to reduce the impact on people's lives.

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