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Economic System Essay

1308 words - 6 pages

Which economic system is best suited for handling a crisis of epic proportions (hurricane, flood, blizzard, forest fire, etc.)? Why?
The best economic system that is suitable in case of crisis of epic proportions is socialism. According to G.D.H. Cole “Socialism discloses about four things that are connected closely, first a human fellowship which actually denies and expels the distinction of class, social system where no one will be very rich or very poor than their neighbors as to be unable in mixing with them on equal basis, common ownership and making use of all essential instruments of production and obligation on all the citizens to serve each other according to their capacity, ...view middle of the document...

From the above discussion it is clear about the significant role played by socialism during emergency which includes earthquake occurred in Haiti during January 2010. The fact is that, during emergencies people where actually helpless and has no aid. The socialist system enabled the people to help each other in order to overcome the danger that would be faced during emergencies. Poor people from these affected areas received free health care and financial services which are possible only under socialist system. In this case, Hurricane Katrina can also be taken as an example. Under socialist economic system more importance is being extended for the health care system (Muhammad, 2013). During emergencies proper health care system will be established to ensure that all people will receive equal and same kind of treatment.

Besides this, socialist system addresses problem related to food, clothing, housing and other financial aid which are difficult after the disaster. In case of socialism proper segregation of quotas and labor are issued and ensured to satisfy the requirements and maintaining the equality (Gabriel, n.d.). In case of Haiti, the rebuilding work was distributed among the residents equally which benefited both individuals and economy in speedy recovery during such emergencies. A socialist system is far ahead and better than the capitalist system or the communist system because in case of capitalist system government will retain the important benefits within themselves and will only supply little portion to the needy people. (Peavler, n.d). Thus, socialist system is best economic system during emergencies.

Use the laws of supply and demand to explain why the cost to heat our homes and businesses goes up in the winter time. Be sure to explain your answer fully.
The cost of heating goes up because of the seasonality in demand for the heating oil, change in the price, competition in the local market (Oil Heat Council of New Hampshire, n.d.). The cost of heating is mainly affected with the demand and supply function (, 2013). During peak season that is winter, there is drastic change in the demand and supply over the shorter time period which increases the cost of heating to both house and business (, 2013).

The residential heating oil per gallon cost $4.08 in March 2014, which has dropped from the level of $4.13 from February 2014 (Todd, 2014). The total heating expenses has increased from $1,122 from October 2013 to $3,277 in February 2014 (McGrath, 2014). The fluctuation in price is mainly because of supply and demand (McGrath, 2014). In other words, supply side has more influence in the price of the heating oil, this includes natural gas price, electricity price, underground storage, net imports and demand side is affected by the season like winter or summer, economic condition and the price of fuel (, 2013)....

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