Part one of term paper
There are many different types of economic systems including pure capitalism, market socialism, and command economy. Each economic system tries to deal with economic scarcity in its own way and each have there own economic theories. To deal with scarcity they have set theories and facts and experiments and through time we have learned the wa ...

Part two of term paper
... in the economy is little to none and they use a policy of “laissez faire”. People are motivated by there own interests and work as hard as they want. This makes economic scarcity up to the people because they manage the economy at there own rate. Market socialism is a mixed system which mixes public ownership of resources with increasing reliance on free markets to organize and coordinate economic activity. This economic system tries to find a balance between peoples interest and what the g ...