Best Economical System for a Natural Disaster

Best Economical System for a Natural Disaster

Tommy Barrett

DeVry University

Best Economical System for a Natural Disaster

After reading Chapters one “Developing a Business mindset” and two “Understanding Basic Economics” I feel that in the event of a natural disaster i.e. earthquake, hurricane, flood, blizzard, or forest fire the best suitable economic system would be a socialist system. I will explain my thought process by discussing my three main points. Firstly I want to talk Health care pertaining to regulating health cost so everyone can get treatment during a natural disaster. Next I will discuss Private business owners when talking about making a profit. And Lastly I will explain how utilities come in to play when a natural crisis happens.

Now Health care can be a debatable subject right now considering what is going on with Obama care. But in a perfect world according to supply and demand, if there is a high demand for medical attention, like if there was an earthquake, natural the cost is going to go up. But in a socialist system the government has regulated the cost of medical care for crisis such as this one. So if you get hurt you can go to the hospital to receive treatment and not have to worry about them raising the cost sky high.

Secondly I want to discuss how the private sector in today’s system will make a profit. When a natural disaster hits such as an earthquake there are going to be lots and lots of needs for labor works to repair building, supplies for those building, food, water, and equipment to maintain what you already have. The private business owners with make a huge profit off of a disaster such as an earthquake. In most cases the insurance companies will be the only ones forking out the money when the receive millions of claims to repair homes business and cars etc...

Lastly I want to mention the utilities part. If a city just had a huge natural disaster there is going to be a huge demand for water, power, sewage, and...