Economic System Effectiveness

Imagine you own a company and could choose the type of economic system your country uses.
Create a 1,050-word comparison paper including:
Compare the different types of systems.
Explain which system you would select.
Include least two (2) sources within the body of your work.

Answer
According to Nickels, W., & McHugh, J. (2016). Economics is the study of how society employs the resources to produce goods and services for consumption among various groups and individuals. There are three types of economic systems: capitalism, socialism, and communism that will be discussed in this paper.

Capitalism is defined as a system in which all or most of the factors of production and distribution are privately owned and operated for profit (Nickels, McHugh, 2016, p.34).There are two classes of people, those who own the businesses and those who work for the businesses. In a capitalist economy, people have the right to own private property. Not only that, but they also have the freedom to choose which type of work they want. This freedom extends to selecting one’s education, as well as religious or political influences (“7 Decisive Pros And Cons Of Capitalism”, ).