All reading responses should be at a minimum 300 words. Instructions For this as
ID: 422423 • Letter: A
Question
All reading responses should be at a minimum 300 words.Instructions
For this assignment, your response should cover the following questions.
1. What is the relationship between government and economics?
2. What is the relationship between types of guarantees a government provides and the type of economic system in the society?
a. Is this a necessary relationship?
3. Does the U.S. government provide any substantive guarantees?
a. Should it? All reading responses should be at a minimum 300 words.
Instructions
For this assignment, your response should cover the following questions.
1. What is the relationship between government and economics?
2. What is the relationship between types of guarantees a government provides and the type of economic system in the society?
a. Is this a necessary relationship?
3. Does the U.S. government provide any substantive guarantees?
a. Should it? All reading responses should be at a minimum 300 words.
Instructions
For this assignment, your response should cover the following questions.
1. What is the relationship between government and economics?
2. What is the relationship between types of guarantees a government provides and the type of economic system in the society?
a. Is this a necessary relationship?
3. Does the U.S. government provide any substantive guarantees?
a. Should it?
Explanation / Answer
1. Though economics and Political sciences are two different subjects and are certainly not linked with each other but when it comes to government, then certainly economics becomes an integral part to it.
Government policies and schemes are entirely interdependent. A strong economy ensures that government spends major chunk of money in public welfare schemes. Also, it is government’s prerogative to utilize the available funds in the best possible manner, so that schemes can payback to economy.
2. There are multiple types of economic systems in the society which is connected with different types of government’s guarantee, such as –
Economic system driven by Market- In this economy, government doesn’t interfere much with the market turbulences and it allows free trade in the market.
Economic system driven by command- Here government plays a pivotal role in governing the market inflation and money control in the market.
Mix of command and market economy- This is the hybrid economy model where government plays a balanced role in allowing the economy to flourish with increasing trade but with an aim to provide much needed relief to general public.
US government gives guarantees to some of the schemes where market is not allowed to float in uncontrolled manner and it ensures that general public doesn’t suffer due to the lack of continuous vigil or control over the market. It is a justified move as it ensures that interest of the weaker section of the society is protected.