Economic Systems Essay

1754 words - 7 pages

1) Discuss how a manager leads and motivates the employees under him/her. A) List key principles you believe should underpin how the manager should treat employees in general. B) Discuss took/methods that a good manager will use to ensure employee motivation.In earlier years, it was thought that the average person didn?t enjoy coming to work and that they were most motivated by fear and money. New surveys are motivated by lots of different things. Some organizations still have managers that are acting as if no one likes to work; however most managers, are specially educated to guide, train, support, and teach employees instead of bossing and telling their subordinates what to do. People are willing to work if they feel they are making a difference and are recognized for what they are doing. Personal satisfaction that a worker feels is an intrinsic reward. When managers give you a reward whether it is verbal, public, or private it is called an extrinsic reward.Today?s managers want to form a relationship with their subordinates. They need to have trust as a main issue. Managers also want the input of the employees to be not only heard but took into consideration. This could be done at meetings on a regular and often basis. Also, the more you address and praise your employees the more quality work you will receive.2) Define each economic system around the world and compare each to capitalism.Around the world economics are not all the same. You see extremes on both ends in the same country. There are three different systems around the world, Capitalism , Socialism, and Communism.Capitalism is the system in which all or most of the factors of production and distribution are privately owned and operated for profit. Capitalism has led to the creation of wealth in much of the world. The goal behind capitalism is to allow private ownership of land and businesses, to have liberty and the pursuit of happiness, to allow free trade, and freedom and the profit motive for economic growth. The only problem with capitalism is that not all the people are equal with income. Some are rich, most are poor.Socialism is the economic system based on the premise that most basic businesses should be owned by the government so that profit can be evenly distributed among the people. The biggest downfall is the incentive to go to work and work hard, if everyone makes the same, why work hard and do a good job? The main goal behind socialism, is to allow public ownership for major businesses and private ownership of smaller businesses and shops, to have the government control and be responsible for education, to have very high taxes, and to focus on equality. In comparison to capitalism, socialism offers little to no incentive to go to work, only some free trade is available , freedom of speech assembly are limited.Communism, founded by Kari Marx, is the economic system in which the state (government) makes all of the decisions and owns all majors forms to production. The main...

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