What is the major difference between a command economy and a market economy? The major difference between a command economy and a market economy is who makes the decisions. In a command economy, the government decides what to produce, who to produce for, and how to produce. In a market economy, the people get to decide what to produce, who to produce for, and how to produce. The major difference lies with the control and who is in charge. Which of the characteristics of a market economy do you believe is the most Important? Explain I think that private enterprise is the most important characteristic. Private enterprise is the individual’s right to own a business. The government sets some restrictions but ultimately people are granted freedom in business. Without private enterprise, people in America would not even have the opportunity to own a business or make profit from their business. …show more content…
Business owners could use incentives and gifts to encourage the workers. For instance, a store owner could initiate the idea that whoever brings ten new customers to the store this week will get a bonus in their pay check. Business owners could give raises, bonuses, and time off as incentives to work as hard as they can. By giving fun extras to the employees, they will feel compelled to do their best. Why do you think people make careless and uninformed decisions? People sometimes make careless and uninformed decisions. Most times, people feel rushed into making decisions without thinking it through completely. I feel the main issue is that they don’t define their problem or identify what they are trying to decide. People may also forget to look at all their choices when deciding. Not going through the decision making process, people can make careless and uninformed choices. Once you do make a decision, what kind of attitude should you have regarding that
through the corporate ladder is a great way to motivate employees, overworking might not be the best method, as it can cause burnout and unmotivated employees. Providing low pay and/or incentives to employees is also, in my opinion, not the best way to influence motivational employees who will put forth hard work, and be loyal to the company.
In this essay I will be discussing the features of Scotland’s mixed market economy, describing four aspects of the Scottish economy; Tourism, unemployment, growth and the NHS.
In my opinion, making decisions can be categorized into three levels. The first level is making decisions about daily life from choosing what to wear to making a plan for the weekend; making wrong decisions in such level does not have big effects. Making decisions about personal affairs is the second level, such as choosing a partner or a job; people cannot see clearly at this level, and making wrong decisions at the second level can have long-term consequences on their lives. The third level, which is the most difficult, is making critical decisions that determine the destiny of whole nations; at this level, leaders are put between two detrimental decisions and have to choose the least harmful one. Thomas Jefferson
During the late 1700’s and well into the 1800’s, American’s lived through expansive growth including economic transformation, politics, labor classification, and increased population were a result of overall growth of the United States. This growth affected how the Americans lived, worked, voted, and were viewed by their fellow citizens. Americans were transforming the lives for financial gains, their own rights, and overall a more content life.
There are many kinds of motivation techniques that one can use when motivating salary and to a lesser extent hourly employees. Factors such as strong communication, added responsibility, achievement, recognition and advancement are all factors that can motivate employees. Due to the union environment it is difficult to motivate hourly employees but what always works well is providing recognition. Sometimes that is done by just thanking employees for doing an outstanding job or giving them gift certificates to a store or restaurant for a job well done. Just spending time with each employee occasionally, keeping in mind the things that go on in their lives and listening to them goes a very long way towards keeping hourly workers motivated. Over the years I have sat down with many employees and listened to their issues at home with their families and sometimes major issues they are having with their children. This time has often led to employees being more dedicated to my objectives as well as the organization's objectives.
"Quotes about Decision Making, Sayings about Choices." The Quote Garden - Quotes, Sayings, Quotations, Verses. Web. 22 Mar. 2011. .
Capitalism has never been dead and will be here for at least the next century. In a world where the market is filled with imperfections, it is in order for the government to interfere to restore order in the market. Increased concerns over the 2008 market collapse prompted the government’s to take charge of their responsibility and act. Capitalism is a system of government that favours individual growth with minimal government interference. The opposite of capitalism is communism, where the property owner is the state, and the main aim is social welfare enhancement. A mixed economy embraces the two and balances between the extremes. Many countries across the globe have adopted a mixed economy as it reduces the losses suffered by the countries that practice the extremes. Capitalism has been known to be responsible for growth of economies among them, the United States, Britain, and other developed countries. In this essay, we shall examine the future and nature of capitalism in the light of a mote communist future.
The Economy is the backbone to society. There are many factors that operate in, and govern our society’s economical structure. Factors such as scarcity and choice, opportunity cost, marginal analysis, microeconomics, macroeconomics, factors of production, production possibilities, law of increasing opportunity cost, economic systems, circular flow model, money, and economic costs and profits all contribute to what is known as the economy. These properties as well as a few others, work together to influence the economy. Microeconomics and Macroeconomics are two major components. Both of these are broken down into several different components that dictate societal norms and views.
Capitalism is the result of a process in which economic activities and relationships that carry these mechanisms have been generating increasingly complex operation.
How would motivating employee’s prompt motivation for the management staff, resulting in a more prosperous business entity?
The best way to motivate workers to give them as much they work so they will do their best and that’s the idea which ford adopted in early 70’s because small companies can grow with their production and the more they produce in one day the cheaper the cost will be because the companies like ford running on a chain process for instance until the tires are not completed it cannot fixed in the car.
According to Polanyi, a market economy becomes a market society when all land, labour and capital are commodified (Polanyi, 1957). A market society is a structure, which primarily focuses on the production and distribution of commodities and services. This takes place through a free market system, which allows the opportunity for individuals to engage themselves in the market place, through trucking, bartering or exchanging. Polanyi’s fundamental idea of a market society is that all social relations are rooted in the economy as opposed to the economy being submerged in social relations.
The market today has become so important that society takes it as completely natural. From “The Economic Problem” Heilbroner describes three main solutions, with the market being one. Furthermore into the market, Polanyis book “The great Transformation” gives insight on how much society actually allows the market to dominate. To Polanyi a market society is seen as social relations embedded in the economy instead of the economy being embedded in social relations. Examining both of these books gives a great understanding on how life was without the market and how it came to be. Taking note of Rineharts work as well on how the workplace has drastically been changed by the market is key to analyzing the transformation as a whole. As a result of the transformation, not only has human labour been altered, but another author known as Weber states that certain peoples view on the world have also be affected. This essay will establish how “the great transformation” (Polanyi) from a traditional society to one based on a market economy has vastly impacted societal workplaces, and societal beliefs around faith of idealogical conditions.
In a command economy the government decides what and how the goods should be produced. The economic goal of a command economy is to get complete government control, so that government can regulate and basically run the whole economy to what they want.
Making decisions is really much more complicated than it seems. When I make decisions, my Id, Ego, and Superego decide my fate. Unfortunately for me, my Id wins far too often, as I often do not study enough. Other personality traits, such as my tendency to over-think and analyze too many things, also play a role. This can influence my other behaviors by making me seem cold and distant with others because I’m too busy thinking. My self-concept is also important.