Reply to Emily and Sharonee post be constructive and professional in your responses.
When discussing a good example of a common economic system. Capitalism comes to mind as an example to reference. Capitalism from my understanding is not government owned and lacks government intervention. Capitalism means of production is owned by private firms. Which means that the goods and services provided are according to the supply and demand. The pros of Capitalism are the incentives to become rich and the consumers have the right to choose the product they desire. Some of the cons of Capitalism is that monopoly can happened and exploitation of consumers. If monopoly is gained by other firms, they have the power to give low wages.
Pros and cons of capitalism(). https://www.economicshelp.org/blog/5002/economics/pros-and-cons-of-capitalism/
A company that I believe is doing good during this pandemic are insurance agencies. For example, Farmers Insurance is the company that I currently work for as an agent. I feel that during this pandemic the office where I currently work has not really lost any business. Because having auto insurance is a law requirement and an important necessity no matter what is going on in the world not too much business has been lost. Farmers Insurance is one of the most reliable but also most expensive insurance companies in our society. But they have a great claim pay out rate and great customer service. I believe that Farmers Insurance does meet all the 4 Ps that are needed to survive this economy during this pandemic which are product, place, promotion, and price.
In researching for this response to the assignment. I came across and article from “The balance”. This article discusses the pros and cons of a mixed economy. A mixed economy is system that combines private and public enterprise. Mixed economy combines both capitalism and socialism. It also protects private properties and allow more use of capital. A mixed economy has characteristics of market ,traditional, and command economies. It benefits from all three with few disadvantages. Also the government has some control in a mixed economy. The pros of a mixed economy is it protect private property. You have a free market economy. The law of supply and demand and control of prices. The cons are undue influence from private enterprises. Another con is the lack of government support to disadvantage (less competitive) groups. Also unsuccessful regulations may paralyze features of productions.
The industry I would like to highlight is the automobile industry. The product is cars (automobile). The company Carvana is an new innovated way to purchase a car. The cons of purchasing a car through Carvana, is the prices are slightly higher. You will not be able to test drive the car. Another con is when selling you car – you may get less (compared to private buyer). The pros are the easy -to -use interface to view inventory. No pressure environment or harassing car salesperson. A better return policy and warranty than an average used car dealership. In today economy with the pandemic numerous companies are losing profits. Carvana features an touchless environment. This environment is a safer way during Covid-19. The company has a car vending machine. This is a key feature. Potential customers are attraction to the visual of the car vending machine. This has served as a good advertisement tool and the company success. Carvana is thriving right now by having a good product, competitive prices, and good visual promotion. The biggest seling point during the pandemic is the touchless feature. Also the comfort of buying a car from your home on your mobile device. The link below is a picture of Carvana new car vending in Atlanta.
If you are in a market for a car. Would you consider Carvana as a purchasing option?
Respond to the following in a minimum of 175 words:
RESPOND TO THE NEXT TWO STUDENT POST BE CONSTR UCTIVE AND PROFESSIONAL
The agency I work for is called The Haven. We are a small non profit that serves children and adults with disabilities. We have a fully integrated preschool, special needs high school, dix residential group homes and a day program for adults with disabilities. I currently sit on the leadership team that is updating our Strategic Plan for the next five to seven years. The Vision is: Empowered individuals contributing and participating fully in the community. The Mission is: To enhance the quality of life for people with unique abilities by encouraging independence, championing inclusion and advocating for individual rights.
I think these statements still hold true today. We are constantly working to create an equal outlook for people disabilities within our communities. We feel that we have empowered and continue to empower our adults to go out and contribute, to work, to participate in and to enjoy the community in which they reside. I feel that the community can benefit from learning from people with disabilities when they see their work ethic and enthusiasm towards everyday things that typical people often take advantage of.
I am a member of HOMENETMEN, a pan-Armenian diasporan organization that was establish in 1918 to create an evnironment for young Armenians to come together through sports. HOMENETMEN is an acronym in Armenian, which stands for Armenian General Athletic Union. “The mission of Homenetmen is to prepare physically strong Armenians and exemplary citizens with the highest intellectual and spiritual virtues:
HOMENETMEN has done an excellent job in evolving with the times and modifiying their vision while staying ture to their core values. With an organization that has thrived for over a century, it began as a way to preserve the Armenian people, hisotry, language and although those goals are still worked towards today, it is no longer about survival and now about camaraderie. This vision is still relevant today because it helps foster new generations like it has before, helps create a sense of community, and moreover a common identity.
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