The Assignment on Introduction To Economics

Running head: INTRODUCTION TO ECONOMICS
Introduction to economics
Name of the student
Name of the university
Student ID
Author note

1INTRODUCTION TO ECONOMICS
Table of Contents
Introduction......................................................................................................................................2
Government's role in the economy..................................................................................................3
Direct services.................................................................................................................................3
Growth and stabilization..................................................................................................................3
Regulation and control.....................................................................................................................4
Assistance directly...........................................................................................................................4
Role of business in the economy.....................................................................................................5
Conclusion.......................................................................................................................................6
Reference.........................................................................................................................................6

2INTRODUCTION TO ECONOMICS
Introduction
In every economic field, country’s entrepreneurs and businessman try to accumulate
natural capitals, labour and technology to research, produce and to deliver the demanded goods
and services. But the method of utilising these elements reflects a country’s political principles
and its culture. Discussing about the United States, always noted as a “capitalist” economy
(Fuchs, 2019). This term is bagged to the US by the 19th century popular german economist
“Karl Marx”. He described such type of system, where a minor group of head who control large
amounts of money or corpus or capital, they usually make a most economic decisions. The
Marks also juxtaposed a “socialist” economies (Uysal, 2017) instead of capitalist economies. The
socialist economic system confer more power to the nation’s politics. Capitalist economies
confer power to the wealthy business people whre the main motive is to maximize profits. In
other perspective socialist economical theory is more likely a fiuture control by the government
where the main motive is more equal distribution of resources instead of profits. Though thses
two theories are oversimplified and having the elements of truth, but these theory are less
relevent today. Now the pure capitalism theory defined by Marx has been disaapeared. It can be
seen that the government of “United States” and many other countries have mediated in their
economies, restrict the power and addressed more on the socialist issues over the private
commercial interest. Consequently it is better to describe the US economy as “mixed economy”
where government and private enterprise both are playing an important role to the economy.