1 If you were to create an imaginary country what economic s

1. If you were to create an imaginary country, what economic system would be best? Explain the logic of the details of the selection in pros and cons.

2. Why is this system the best choice for your country? Are there political, geographic, topographic, heritage or other issues for which you believe this system to be well suited?

Solution

To create an imaginary contry, socialist planned economc system would be the best one. In the socialist economic system, production for us is being carried out; decision for the purpose of use of the means of production are being decided to satisfy economic need and investment is determined through a planed procedure. Thus there would be no concetration of resourcs in the hands of few peple nd resources are distributed uniformly as per the economic needs.

It will lead to higher economic development as the resources are used to satisfy the economic needs. In a beauracratic country where the power resides in the hands of few people and they general promote their own community when it comes to allocation of resources and means of production, socialist planned economy ensures justified distribution of mean of production as per the economic needs which leads to uniform and overall development of the economy.