Comparing and Contrasting Economic Systems

Natural disasters and wars are crises that impact every type of economy, regardless of economic system. All types of economic systems struggle to respond quickly to such destruction.

Your module readings provide insight into various types of economic systems, including the free market system, socialism, and communism. Each of these systems has an impact on the way businesses operate and on how the government responds to economic crises caused by wars or natural disasters.

Use online library resources, and the Internet to research natural disasters occurring over the last three years. Identify one natural disaster to examine further in this assignment.

Respond to the following:

  • Describe the natural disaster in terms of where and when it took place.
  • Describe the damage that was done to people and property and the initial government response.
  • Describe the economic system of the government.
  • Examine the effectiveness of the initial government response in terms of stabilizing the situation and rendering aid to those immediately affected. Consider whether the economic system enabled a speedy response to those affected by the natural disaster.

Write your initial response in 250–300 words. Apply APA standards to citation of sources.