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Efficient trade involves supply sufficient goods and services in relation to the market demand and this characterize a successful economy

josh
May 21, 2014 0 Comment

Efficient trade involves supply sufficient goods and services in relation to the market demand and this characterize a successful economy. Availability of money (sufficient liquidity) and other factors that facilitate trade are also equally important. Additionally, government planning, monitoring, and control/regulation of demand and output are important factors that promote economic growth. Developed economies like the U.S. economy have the private sector as the dominant players and this to some extend depicts the importance of little government involvement in economic activities. Such economy consists of the public and the private sectors. The government controls the public sector only that is regarded as their own enterprise. The private sector that forms the greatest part of the economy is a free market where decisions concerning production, distribution, and pricing of goods and services are independently determined by the buyers and sellers. Nevertheless, in some situations the government regulations are applied but such involvements are regarded to have insignificant effect to the general trade. On the contrary, other developed economies, such as Russia, have adopted an economic system where the central government controls all economic activities that include production, supply, prices, and tenders and have managed to build a successful economy through this system. However, the success of these two forms of economies indicates micro- and macro-economic factors determine the success or failure of an economy and not the individuals, businesses, and/ or government control.

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