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    Aurin Final-Requirements

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    Clerk Janly R Facunla
    The document contains 4 questions that describe different economic systems in the fictional country of Bom. Each question provides details about ownership of industries and businesses, the role of government, prices, jobs and wages. The respondent correctly identifies that the first and third questions describe capitalism as industries are privately owned, while the second question describes socialism as the government owns and operates industries for the people's benefit. The fourth question is also identified as capitalism as industries become privately owned again.

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    Aurin Final-Requirements

    Uploaded by

    Clerk Janly R Facunla
    39 views1 page
    The document contains 4 questions that describe different economic systems in the fictional country of Bom. Each question provides details about ownership of industries and businesses, the role of government, prices, jobs and wages. The respondent correctly identifies that the first and third questions describe capitalism as industries are privately owned, while the second question describes socialism as the government owns and operates industries for the people's benefit. The fourth question is also identified as capitalism as industries become privately owned again.

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    The document contains 4 questions that describe different economic systems in the fictional country of Bom. Each question provides details about ownership of industries and businesses, the role of government, prices, jobs and wages. The respondent correctly identifies that the first and third questions describe capitalism as industries are privately owned, while the second question describes socialism as the government owns and operates industries for the people's benefit. The fourth question is also identified as capitalism as industries become privately owned again.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    39 views1 page

    Aurin Final-Requirements

    Uploaded by

    Clerk Janly R Facunla
    The document contains 4 questions that describe different economic systems in the fictional country of Bom. Each question provides details about ownership of industries and businesses, the role of government, prices, jobs and wages. The respondent correctly identifies that the first and third questions describe capitalism as industries are privately owned, while the second question describes socialism as the government owns and operates industries for the people's benefit. The fourth question is also identified as capitalism as industries become privately owned again.

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    © All Rights Reserved
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    of 1

    Mary rose Gono Aurin

    BSHRM- II
    Exercise #2 (FINAL REQUIREMENT)
    Read the questions below carefully. Identify the economic system described by
    finding the key terms and phrases that characterize capitalism, socialism, and
    communism. Be prepared to defend your answer.
    1. The military takes over the country of Bom. The new leaders take ownership of all
    energy resources, which include the natural gas and electric companies. They
    promise citizens of Bom lower energy prices, because the government will run these
    industries for the benefit of the people and not for profit. All other industries will
    remain privately owned. What type of economic system does Bom have?

    2. The government of Bom takes ownership of all industries. The citizens are
    promised businesses will be run for people, not for profit. Every adult is guaranteed
    a job. The government sets prices on goods and services. No one will be hungry or
    homeless. What type of economic system does Bom have?

    3. Shortages of food and other products appear in Bom. Prices increase, but wages
    stay the same. Elections are held and new leaders are chosen. These leaders promise
    to return business and industry to private ownership. They encourage new
    businesses and promise opportunity for big profits for owners and investors. Less
    government involvement in the economy and competition produce more goods and
    services at lower prices. What type of economic system does Bom have?

    4. As businesses and industries of Bom become privately owned, many people lose
    their jobs. More goods and services are available and prices fall, but people can't
    afford to buy much. Elections are held and new leaders are chosen. The new leaders
    take control of the largest and most important businesses and hire people. They also
    hire people for public service jobs such as sweeping streets and repairing public
    buildings. What type of economic system does Bom have?

    Answer
    * it is under capitalism because even the new leader took over the gas and electric
    industries .still all other industries were owned .capitalism refers to an economic
    system which focuses on the private ownership like what being stated

    * this is under socialism due to it represent equally and solidarity within the
    community .the government guaranteed the sake of the entire individual within
    their society

    * the situation indicates capitalism because of returning the business to private


    owners and the less involvement of the government in the economy system

    * as stated that all the business and industries were become privately own then it
    totally referring to the capitalism type economic system .this also affects the
    freedom of the people as they became jobless as they took over.

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