Mgt 311 Week 3 Major Economic Challenges

1. Capitalism is one of the economic system types where the private property is essential for the development of the economy of a country. For the capitalism, one of the strongest objections is the profit motive, which means every single firm try as the best they can to maximize their wealth. To gain more profit, a company needs to do its best in terms of product quality and customer services. Therefore, a company has to increase its productive by not only hiring excellent employees, but also training staff to reach the highest level of customer satisfaction. Additionally, a company wants to have better products and services at a cheaper price comparing to its competitors; hence, it is expected that with the competition, products and services that customers receive will be high quality at reasonable price. Put
One of the major economic challenges facing my generation is resources. For me resources including natural, human, and capital resources and the economy cannot develop without using resources. I believe that resources are limited while people always want to exploit more to adapt their needs. For instance, oil, fuel, gold, iron ore, and so on may run out of if people exploit natural resources too much. Because of the scarcity, war may happen and products and services may become overvalue. In additional, technologies may be an alternative option for producing because of its productive, no emotion, and economy solutions, people who have less knowledge and skills are no longer have chances to work at factories. Therefore, people, in my generations try to study to land in jobs. In Vietnam, there are many areas where poor families are available who cannot adapt the tuition fees and have enough conditions to give their children to schools. As a result, they do not have enough knowledge and cannot find job; then, the standard of living is extremely low. I believe that the fast growing in economy of my country is not strong enough to solve the poverty