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An economic system is an organized approach to producing and distributing goods and services It is scarcity in economic theory the limited availability of resources and goods the excess of wants over needs which creates a need for economic systems There are different types of economic systems in which all are believed to be the correct solution when it comes to scarcity Capitalism is based on an approach to economics that promotes private enterprise In a private enterprise system you will see profit initiative competition incentive and self-advancement Socialism is an economic philosophy that stresses public ownership of the means of production rather than private ownership Underlying this philosophy is the belief that this system is morally better because it reduces the gap between the rich and the poor In socialism there is government involvement in the economy either through control or ownership of productive resources Socialists believe that the government should provide basic necessities for all as well it believes in competing political parties chosen to govern by majority rule with minority rights guaranteed The economic systems of nations in todays world are not simply capitalist or socialist Economic systems now have elements of both capitalism and socialism They are mixed economies Canada is a mixed economy because it has a unique combination of capitalist and socialist policies Government intervention basically means the amount of involvement the government will have in the economy For Capitalism to work there must be little or no government involvement in the economy For socialism to work there must be complete government intervention in the economy where as in Canada there is some government involvement in the economy but people have the freedom and individualism to do as they wish like in Capitalism Some people believe that governments have a responsibility to protect the public good by regulating the activities of the private sector in the economy Others support deregulation believing that government intervention in the economy is really
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