[Author’s Name]
[Institution’s Name]
Essay on Economics
The government of the United States, established by the Constitution, is a federal republic of 50 states, a few territories and some protectorates. The national government consists of the executive, legislative, and judicial branches. The head of the executive branch is the President of the United States. The legislative branch consists of the United States Congress, while the Supreme Court of the United States is the head of the judicial branch.
The federal legal system is based on statutory law, while most state and territorial law is based on English common law, with the exception of Louisiana and Puerto Rico. The United States accepts compulsory ICJ jurisdiction, with reservations.
Any leader is expected to lead from up front, but in government the energy and effort to be put in are nearly superhuman. The leader has to impress as a role model in ethical
values, intellectual caliber, professional acumen and solid achievements if he is to evoke the ready and willing cooperation of others. (Schiesl, 1997)The free market approach in economic decision-making is based on private ownership of properties and resources, there is no government involvement, whereas the command approach describes a situation in which resources are jointly or publically owned, everything is government owned. Be that as it may, the key to a successful economy lies somewhere in between these two types of economic systems. In a command economy income and wealth is more evenly distributed, there is little unemployment and the economy experiences few boom/bust cycles.
The profits are used for expanding production and the production of goods and services are planned to meet society s needs which means that consumers receive the basic necessities of life. But, since everything is publicly owned, often there are little or no incentives for the working class........
