Scarcity is the fundamental challenge that all individuals and nations must confront. Everyone faces some limitations, so we all have to make choices where we limit or allow ourselves to something.
Economists generally recognize four types of economic systems traditional, traditional, command, market and mixed.
A traditional economic system is shaped by tradition. The work that people do, the goods and services they provide, how they exchange resources… all tend to follow a pattern. The traditional system is bad at addressing scarcity because scarcity is formed off of new requirements people have through the ages and a traditional system would not evolve just as our requirements would.
In a planned economy, the government controls the economy. The state decides how to use and distribute resources. The government regulates prices and wages; it may even determine what sorts of work individuals do. Socialism is a prime example of a planned economy. Socialism does not work because it is not consistent with the fundamental principles of human behavior. The failure of socialism in countries around the world can be traced to one critical defect: it is a system that ignores incentives.
Market economies allow all economic decisions to be made by individuals. The unrestrained interactions between individuals and companies in the marketplace determine what happens to all the good and resources.Individuals choose how to invest their personal resources and individuals decide what to consume. Within a pure market economy, the government is entirely absent from economic affairs.
A mixed economic system combines elements of the market and command economy. Many economic decisions are made in the market by individuals. But the government also plays a role in the allocation and distribution of resources.
If scarcity is looked at on a macro level, the best economic system is mixed because it allows the government to also plays a role in the allocation and distribution of resources, while the individuals still stay happy because they have some control. The only problem is the eternal question of what the right mix between the public and private sectors of the economy should be.
There is no point to look at it on a micro level because almost no country is small enough to be considered on that level.
I believe that the planned economic system is the most effective to combat scarcity problems.
Explanation:
The planned economy is one where all the production of national goods and services is totally and previously planned by a group of economic experts who know well the means of national production and the amount of consumption that the country's population establishes. For this reason, this type of economic system is able to predict moments of scarcity by developing guidelines to avoid them, they are also able to avoid problems of scarcity, since everything is highly planned.
In one famous incident in 1782, Col. Lewis Nicola wrote a letter urging Washington to overthrow Congress and become America's king. ... When King George III heard Washington would resign his commission to a powerless Congress, he told the painter Benjamin West: "If he does that, he will be the greatest man in the world."
Adams then proposed calling Washington, “His Highness, the President of the United States, and Protector of the Rights of the Same.”
He served two terms, guiding the new government through the organization of the executive branch, founding the nation's capital, Washington, D.C., opening the west for settlement, and establishing precedents that have influenced the conduct of succeeding presidents ever since.
The four positions of Secretary of War, Secretary of State, Secretary of Treasury, and Attorney General became collectively known as the cabinet, and Washington held regular cabinet meetings throughout his second term
By the end of his life, Washington had come to regard Madison and Monroe ... That's why they took their disputes so seriously. ... Why they might be seen as treasonous requires an understanding of the Founders' view of “factions” and of political ... Washington still had in Jefferson, and in the other Democratic-Republicans, ...
n his farewell Presidential address, George Washington advised American citizens to view themselves as a cohesive unit and avoid political parties and issued a special warning to be wary of attachments and entanglements with other nations.
This is the beginning of the story in which characters are introduced and the setting is revealed. This sets the stage for the story to play out. Climax: This is the point of greatest tension in the story and the turning point in the narrative arc from rising action to falling action.
