economic system and the role of factors of production in its operation

1. Discuss the concept of an economic system and the role of factors of production in its operation. In theory, at least, there are three basic economic systems' socialism, communism, and capitalism. In modern reality, however the distinctions between these alternative systems have become blurred. It is safe to say that no pure system exists today. The U.S. capitalist economy exhibits certain socialist characteristics and the Soviet Union's and China's communist economies are being restructured …

…merchandise) The ready availability of capital and the irresistible urge to generate ever- greater profits led men like Collis P. Huntington (1821-1900) to attempt to control entire business sectors. His career began when he helped found the Central Pacific Railroad, the western half of the first transcontinental rail line, completed in 1869. The construction of that government-subsidised line made his fortune. By the time of his death, he and his associates controlled most western rail transportation.