Demand In economics, demand refers to the strength of one or many consumers' willingness to purchase a good or goods at any in a range of prices. For example, A rise in income causes a consumer to be wi…
“ An economic and political system in which the trade and industry of a country is controlled for profit by private owners, not by the state ” Capitalism is an economic system based on three things: labor wage (working for a …
A political and economic theory of social organization that advocates that the community as a whole should own or regulate the means of production, distribution, and exchange. Socialism is an economic system where t…
A mixed economy is defined in various ways as an economic system that mixes market economies with planned economies elements, free markets with state interventionism, or private enterprise with public enterprise. …
An economic system in which production and prices are determined by unrestricted competition between privately owned businesses. A market economy is an economic system in which investment, production and distribution deci…
The traditional economy is an economic system in which traditions, customs, and beliefs help shape the goods and services produced by the economy, as well as their distribution rules and methods. Countries using this…
T he distribution of scarce resources within an economy determines the type of economic system. There are four different types of economies. It has its own strengths and weaknesses in every type of economy. 1. …
The branch of knowledge concerned with the production, consumption, and transfer of wealth. The state of a country or region in terms of the production and consumption of goods and services and the supply of money. I…