Engl

BUSN 115 - Week One Homework

BUSN 115 Intro to Business & Technology

Abstract

For my first homework assignment, I have been assigned the task of answering the following questions: 1) Which economic system is best suited for handling a crisis of epic proportions (hurricane, flood, blizzard, forest fire, etc.)? Why?; 2) Describe and explain why a socialist system might be the best in responding to the needs of people struck by an emergency situation like the earthquake that occurred in Haiti in January 2010; 3) Use the laws of supply and demand to explain why the cost to heat our homes and businesses goes up in the winter time. Be sure to explain your answer fully. I will give the best answer to these questions and afterwards, I will cite the appropriate sources in APA (6th ed.) format in the form of a references page at the end of this document.

BUSN 115 - Week One Homework

Which economic system is best suited for handling a crisis of epic proportions (hurricane, flood, blizzard, forest fire, etc.)? Why?

I believe socialism would be the economic system best suited for handling a crisis of epic proportion. Socialism, defined as an economic system characterized by public ownership and operation of key industries combined with private ownership and operation of less-vital industries (Bovee, Thill 2012, p 29), is a middle ground between communism and capitalism. Communism, the political and economic doctrine that aims to replace private property and a profit-based economy with public ownership and communal control of at least the major means of production (e.g., mines, mills, and factories) and the natural resources of a society, (Dagger, 2013) has a high probably of not working well because if the government is corrupt or doesn’t have accurate info about the disaster, the public could suffer. I believe capitalism is too much of a free system to handle disasters properly. Under a socialist society, I believe there could be an even mix of government and...