Third, the competition among sellers ingrained in a free market system provides for lower prices and better quality goods. ... Buyers and sellers often don't have proper information to make informed decisions and competition may be controlled by a few large companies. ... He also stated that an "invisible hand" or competition would make or break a business. ... In this economic system, the government's role was reduced to only protecting the country against foreign enemies, ensuring competition, maintaining law and order, and protecting individual property rights. ... There are perio...

• Word Count: 1437
• Approx Pages: 6
• Grade Level: Undergraduate

Capitalism best describes the contemporary economic and political systems in the world. ... Stiff competition among producers creates a pressure to increase production since mass production reduces costs, lowers prices and increases the market share. ... The good thing about the capitalist cycle is the fact that periods of economic slumps never got rid of the economic value that had been gained during the boom. ... They include global financial and economic crises and economic growth alongside the widening inequality. ... The final was the synchronized promotion of competition and openness by...

• Word Count: 1750
• Approx Pages: 7
• Has Bibliography
• Grade Level: Undergraduate

Mongolia was an economic colony of the Soviet Union until early in the 20th century. ... Mongolia is a good example of the pitfalls of applying economic models of developed countries in less developed countries. ... Economic liberalization, from the herders" perspective, "has taken away most of these gains in return for the illusion of economic freedom" (Swift in Griffin). The economic reforms of the early 1990s, which aimed to privatize these institutions, were not simply economic reforms but changed a whole way of living. ... The trauma of privatization has left Mongolia facing ...

• Word Count: 2388
• Approx Pages: 10
• Grade Level: Undergraduate