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My Name is Rino, I study at the lambung mangkurat university of the Faculty of Economics and

Business, study program in Economics and Development studies.

On this occasion I will explain the differences in the economic systems in countries that exist in the
world,

But in the explanation that I will convey, I will only explain the differences in the economic system
between the United States of America and the people's republic of China.

Before I explain the differences in the two countries' economic systems significantly, I will first
explain what is meant by the economic system itself?

The economic system is a way used by a country to solve or face problems in the economic
field. Each country has a different economic system, depending on the situation and conditions that
are happening in the country.

The kinds of economic systems available are:

1.) Traditional economic system, which is a system within

organization of economic life based on habits, hereditary traditions of society that rely on factors of
production as is.2) Socialist Economic System, Socialist economic system is an economic system in
which the government has dominant power in the regulation of economic activities. 3) Capitalist
Economic System, System economy based on the widest possible freedom for all people in
economic activity without interference from the government.4) Mixed Economic System, Mixed
economic system is an economic system in which on the one hand the government gives freedom to
people to try to do economic activities, but in the other side of the government has interference in
the economy with the aim of avoiding full control of a group of people in economic resources.

After I convey what is meant by the Economic System, I will explain the differences in the economic
system between the two countries that dominate the economy in the world, namely the United
States and the people's republic of China.

Starting with the American Economic System, the United States embraces the Capitalist Economic
System. This economic system provides a level

great freedom for every individual to choose or buy

goods and services, entering or leaving business activities and

utilizing resources (land, labor, capital and management).

The term mixed economy is sometimes used for

describe the economy of the United States related to private ownership. As for the people's republic
of China You need to know, the economy of the people's republic of China is the second largest
economy in the world based on GDP after the United States.
For growth, the economy of the People's Republic of China is the highest in the world, with an
average growth of 10% per year in the last 30 years.

productive resources by the private sector and the government.

China is also listed as the largest exporting country in the world, as well as the second largest
importer in the world.

The 6 main trading partners of the People's Republic of China are the United States, Japan, Germany,
Hong Kong, South Korea and Taiwan, which make up more than 50% of the total trade with the
People's Republic of China.

As you know, the People's Republic of China is a country that adopts a socialist economic system

As a result the economic system of the People's Republic of China is also regulated by the state, and
citizens who oppose it will be punished.

This is the main characteristic of a country with a socialist economic system, where the government
is the holder of economic control.

So from my interview, I have explained the differences in the economic systems adopted by the two
countries ranked first and second in regulating the world economy.

That's all I can say.

Thnank youu,,,,