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Economic systems

In recent years there has been increased skepticism on how economies use and preserve resources to satisfy the wants of societies members. Therein the Great Economic Problem arises. This issue includes how economies choose to deal with diminishing resources among increasing wants. All economies are characterized by the scarcity of resources. Feudalism was a system in which traditions ruled and most people were peasants tied to the land of their feudal lord (p.459). In the Mercantilist system manufacturing or processing is favored above agriculture, and the government determines who can do what (p.460). A Market Economy allows the market to operate with a minimum government regulation (p.460). A Mixed economy is an economy in which both mark

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