Writea 525-word weekly reflection that includes the following: Identify the most effective economic system you discussed in your collaborative discussion. Explain what makes it the most effective economic system. Identify an example of the system being used in history. Explain what you perceive as the most effective economic system.

During the past week, I learnt that there exists various economic system. The most effective economic system is the socialist system. This is a system where the factor of production such as labour, entrepreneurs, capital, physical and information resources are controlled by the government. (Gregory, & Stuart ,1999). The control exists in the manner in which the resources are distributed and how the trade of goods and services is carried out. I learnt...