21 Jun DESCRIBE ANY TRENDS OR INFERENCES YOU MIGHT SEE IN THE DATA IN THE TABLE.
Topic:
Resources can be allocated among the participants of an economy by (1) free market capitalism or (2) central planning (socialism) or some combination of the two or some corrupted versions which includecrony capitalism, crony unionism, and crony socialism.
1) Describe the various economic systems in use in countries today. Describe the advantages and disadvantages of each system. What should be the goal of an economic system?
2) Prepare a table of countries including several with high economic freedom, several with average economic freedom, and several with low economic freedom. Avoid using countries who are big exporters of oil. Include in this table:
a. Economic Freedom score (Heritage Foundation – Index of Economic Freedom
b. Political Freedom score (Freedom House)
c. GDP per capita, or Income per capita (World Bank – World Development Indicators)
d. Human Development Index score (United Nations, Human Development Index)
e. Corruption Score (Transparency International)
f. Doing Business – (World Bank Group)
3) Describe any trends or inferences you might see in the data in the table.
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