Your participation in this discussion demonstrates the following learning objectives.

• Explain how and why the study of economics concerns various decisions making processes which have consequences, costs, and benefits.
• Analyze the efficiency of the market mechanism as a way to organize economic activity while demonstrating that there is often an important policy trade-off between efficiency and equity.
• Apply economic reasoning to determine solutions to a wide range of public policy issues: including solutions of acceptable amount of pollution, why government must supply some goods, and wealth redistribution.
• .

DISCUSSION PROMPT

Please create a discussion post responding in full to the prompt that follows.

According to our textbook, the U.S. economy operates as as a “mixed economy” that is closer to the market-oriented end of the spectrum. That means private enterprises own and operate much of the means of production in the United States, but there is some U.S. government involvement in economic decisions.

• Pick a country other than the United States, and contrast the U.S. economy with the economy of your chosen country.
  • First, what is your chosen country?
  • Which economy is more market-oriented, and which is more command-oriented?
  • Which country’s economic decision makers are subject to greater regulation?
  • Do you believe geography or globalization play a role in the differences or similarities between the two economies?
• Finally, consider a normative analysis of the two economies you just compared.
  • Do you believe that the U.S. economy should be more like the other country’s economy?
  • Alternatively, should the other country adapt its economy to be more like the U.S. economy?
  • Do you think the U.S. economy is the “best” (whatever that means to you) economy in the world?
  • Explain the reasoning for your beliefs on this topic.

Requirements: as required