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Economic System And Supply And Demand

969 words - 4 pages

In times of natural disaster or epic crisis in the world today, a countries economic system can affect the severity of the results, how they survive, and how they recover and move on. While one economic system might be best in one situation, that might not necessarily hold true in all instances. For example, a mixed economic system would most likely respond and adapt best to national disasters, but in a socialist system, equality is of utmost importance and there is equal access to goods and services, benefiting all individuals regardless of income or means. In any economic system the laws of supply and demand are affected by the quantity of a product produced and the need ...view middle of the document...

Socialist Systems in Natural Disaster
In a socialist system, there is no social system and everyone has equality. Meaning everyone has equal housing, employment, access to healthcare and basic resources such as heat, food, and water. In a socialist economy, the government has a monopoly on resources so there is no competition in the market place and the government sets the prices. In the case of a natural disaster, this system is beneficial because it provides equal access to resources regardless of income. In times of disaster, supply is low, thus demand and price increase. In a mixed or capitalist economy, those with money would have more access to resources because they have the means to pay for them. In a socialist system, the government controls all of these resources and can distribute them evenly. In the case of China’s 8.0 magnitude earthquake in 2008, the growing consensus is that their amazing recovery is due to their socialist system, because they were able to concentrate their focus and resources on a major task and were able to motivate their country (Miraculous Earthquake Recovery, 2011).
Supply and Demand
According to Bovee and Thill, demand is the good or service that a consumer is willing to buy at any given time at a certain price (2013). Supply is the amount of a good or service that providers will sell at any time at a certain price (Bovee and Thill, 2013). When a service or good is in higher demand, the price will generally go up because consumers are willing to pay more for the good or service. When demand goes down, price decrease or the seller limits how much he/she is willing to sell. This sets the equilibrium price which is can be variable, due to need,
Season, availability, etc. The equilibrium price is the price that a seller is willing to sell and a consumer is...

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