Nowadays, there are three main economic systems, or the ways a government can organize its economy: Free Market, Command (Planned) and Mixed.
Posts published in “THE ECONOMY”
Every economy, from the global marketplace to your local coffee shop, thrives on a foundation of four key pillars: earning, spending, saving, and investing.
The economy is divided into 11 main sectors. A sector describes a large segment of the economy. Here is a breakdown with more details.
What is the Balance of Payments? Describe the main components of the UK balance of payments. What is the Current Account? What is visible trade and invisible trade?
This article is about protectionism. It explains different methods of protectionism and gives arguments for and against protectionism in a country.
This article introduces The Phillips Curve which shows the relationship between unemployment and the rate of change in wages.
This article describes in details counter unemployment policies as well as evaluates methods that governments can use to combat unemployment.
This article is about costs and benefits of unemployment. Effects, both negative and positive, of unemployment, and natural rate of unemployment.
This article defines unemployment and talks about how to measure unemployment. It analyzes why different types of unemployment exist.
This article is about an oligopoly. It describes the characteristics of an oligopoly market and explains why most markets are oligopolistic.
This article is about a monopoly. It describes characteristics of a monopoly market and explains how the equilibrium model evolves in monopolistic conditions.
This article is about perfect competition. It describes characteristics of a perfectly competitive market and gives assumptions about perfect competition.
This article introduces the characteristics of production in the long run by explaining and visualizing how firms move to the long run production.
This article explains the difference between production in the short run and production in the long run. And, it describes Law of Diminishing Returns.
This article explains how Price Elasticity of Demand (PED) is likely to change through the different stages of Product Life Cycle (PLC). It should be fun!