PLEASE ANSWER THIS IN A FEW PARAGRAPHS

C r e a t e an economic system

Imagine that you have the chance to form your own nation and build the economic system from the ground up. What kind of economic system would you create? How would your economic system function? What role does money play in your system? How would you measure the value or output of your economic system?

What components comprise of your economic system?

Assume that your new nation must rely upon the exports of other nations to meet the needs of your citizens. Thus, your system is an open system like most economies today.

1. must clearly state, define, and explain whether your economic system is a laissez-faire, market, or command system.
2. The paper must answer the five fundamental questions of an economic system.

• What should be produced?
• How should goods and services be produced?
• Who will get the output?
• How will the system accommodate change?
• How will the system promote progress?

1. The answer must answer the following questions related to the role of government in your nation's economy?
2. Can your nation's government reduce the severity of the business cycle? If so, how?
3. How do you fund your government? If taxes are used, what kind of taxes are they?