Different Types of Interviews Used in the Business Organizations Essay Example

be" without indicating approval or disapproval.

Two types of statements can be distinguished: positive and normative. Positive statements provide verifiable factual information, while normative statements express subjective assessments about whether a situation is desirable or not. For example, the statement "The current unemployment rate stands at 9%" is a positive one, whereas "The unemployment rate is too high" is a normative statement that includes an evaluative judgment and recommends action.

Introduction: Investigating Various Economic Systems

To tackle the problem of scarcity, every country needs to determine what items and services to create, how to produce them, and for whom they are intended. The economic system chosen by each nation defines the methodology used in making these decisions. The primary responsibility of an economic system is to arrange, organize, and oversee an economy. It creates a structure that guides how limited resources are employed to satisfy human necessities by providing goods and services. There are three main types of economic systems: capitalism, command, and mixed economies.

Capitalism Economic System Definition: A system of economics founded on a market and private property, wherein ownership rights are vested in individuals and businesses. This system operates upon the following tenets:
a) Private ownership of all property;
b) Open competition for all parties;
c) Personal discretion in allocation of production factors;
d) Governmental involvement limited to maintaining lawfulness;
e) Individuals enjoy freedom in allocation of production factors; and
f) Profit motives incentivize greater effort, investment, and revenue.

The market economy offers advantages such as businesses being incentivized by profits for economic efficiency, individuals enjoying economic freedom of consumption, production, occupation, savings and private ownership without coercion. It also fosters rapid technological development and increased communal production

with better allocation of resources and distribution of goods and services. However, it has disadvantages such as the system being based on ability to pay rather than need, inequalities in income and wealth existing, employment subject to market forces resulting in high unemployment rates. Economic fluctuations like recession, depression and inflation may occur while pressure groups can cause exclusion or harm of other groups leading to unfair competition.

On the other hand, the command economy system is characterized by government control over all aspects of production and distribution while the mixed economy system involves both private and public institutions controlling factors of production mainly for two reasons: to encourage competition among producers/suppliers in the market; to protect consumer rights ensuring essential services are provided.

A mixed economy that combines the advantages of maximum wealth creation and equal distribution of wealth to the community is recommended. This type of economy provides benefits from both the private sector such as efficiency and innovation, and the public sector such as the provision of public and merit goods. Monetary and fiscal policies can be utilized to create business cycles in a mixed economy. However, this type of economy may also have disadvantages such as duplication of goods or gaps in service due to both private and public sector activities. Control measures by the government, such as fiscal policies, may also face delays or red tape. Despite these challenges, a mixed economy is still recommended for modern economies that require a combination of capitalism and a command economy.

A mixed economy comprises both public and private sectors. The private sector functions according to capitalist principles and is managed by private

entities, whereas the public sector furnishes necessary public goods and merit goods that are not sufficiently provided by the market due to market failure. Namibia's principal economic sectors for Assignment 2 Question 1a comprise producing raw materials such as agriculture, fishing, forestry, and mining in the primary economic sector. In addition, its secondary economic sector focuses on manufacturing by utilizing these raw materials along with other inputs to create different products.

The economy is classified into three sectors, including the primary sector which focuses on extracting raw materials. The secondary sector involves converting these materials into consumer goods (such as clothing and machinery) and capital goods (like roads and buildings). Lastly, the services sector or tertiary sector consists of businesses providing services and trade-related activities. Primary sector activities involve canning fruits and vegetables while manufacturing falls under the secondary sector.

Understand the following about each economic sector: b) what it produces (outputs), c) the factors causing fluctuations in economic performance, and d) how to improve performance and promote economic growth.