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Mercantilism Compare And Contrast

762 Words4 Pages

1. Economy
People suppose to take a broader view on the performance of the economy in terms of particular goals and objectives. When people’s confidence on economy is low, it affects their standard of living in a negative way, and it also affects their future planning. A study of how individuals and societies choose to employ scarce resources to produce various commodities and distribute them among various groups in the society, it is known as economy, one factor that can do almost everything without literally doing anything. The fate of every individual in the whole world is influenced by three economic ideologies which are mercantilism, which states that the best economic system was one that increased the nation’s exports and thereby increased its holdings on gold. The second one is capitalism which argues that society’s wealth could be measured only by its capacity to produce goods and services. Last but not least is socialism which raised the belief that private property and personal profit should be …show more content…

The low performance of economy does not only affect the working class in general but also affect individuals without work, which have myself and my fellow student included too. Economy affect our families in the manner at which one wouldn’t understand the matter if he/she have not experienced it. According to Kevin (2008: 23) salary cuts or job cuts creates tension and unhealthy environment between our parents, which can ultimately results in divorce which can later be the cause of suicide. If the economy goes down the drain it forces people from working class and those who are without work to borrow large sums of money from banks to maintain their lives and keep the family

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