6 Step Financial Management Process

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Submitted By vimalshankar
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As of 2013, there are a total of 196 recognized sovereign countries in the world. The economies of each of these 196 countries all face the challenge of trying to tackle the central economic problem of scarcity. There is scarcity because people have infinite wants but the resources available to fulfill these wants are finite. This situation has raised the key economic question of ‘what?’, ‘how?’ and ‘for whom’ to produce. The way in which a country decides to answer this question tends to determine the kind of economic system that the country has in place. An economic system can be defined as a set of rules that governs the production and distribution of goods and services. The economic systems of countries will differ from one another according to the extent on which they rely on the market or the government to allocate resources. There are three main types of economic systems that economists generally recognize, namely the centrally planned economy, the free market economy and the mixed market economy. (John and Alison, 2009, pp 5- 10) Over the last two decades, countries with centrally planned economic systems are looking to redevelop their economies to include more free market characteristics and hence in the process develop a mixed economic system. There are many reasons for this shift and chief among those reasons is the desire to jumpstart entrepreneurial activity (The Economist, 2013). Take for example, the United States of America, whose economy is the largest in the world in terms of gross domestic product. The economic prosperity that it enjoys today is partly due to entrepreneurs like Steve Jobs and Bill Gates. Case in point, the companies that they have founded in the 1970’s are now worth hundreds of billions of dollars and provide employment to many people. The growth of entrepreneurs in a country like North Korea is almost impossibility where the…...

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