Economy

What is an Economy?

An economy makes decisions about what to do with limited resources.

What is an economy?These decisions include;

  • 1. What goods and services are going to produced,
  • 2. How it is going to allocated the produced goods and services, and
  • 3. Who will get the goods and services.

There will be some degree of government (public sector) involvement, or these decisions may be made by the private sector businesses.

Where the private sector businesses make all the decisions, the system is a market type.

Where the government makes all the decisions, the economy is classed as command. However most are classified as a mixed.

Now learn more, access these free resources and low cost business tutorials.

17

Oct'18

Introductory Microeconomics Questions

These introductory microeconomics questions and answers will help you with your accounting study so you succeed. Move through the microeconomics questions and answers in order, so you go through the important introductory concepts in sequence. Take advantage of the links to the low cost tutorial topics with videos and quizzes so …

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09

Apr'18

Introductory Macroeconomics Questions and Answers

These introductory macroeconomics questions and answers will direct you to more resources to help in your study of macroeconomics. Introductory Macroeconomics Questions and Answers Hopefully these introductory macroeconomics questions and answers have helped you understand this important topic.

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19

Mar'18

What is an Economy?

Economic Basics Economic basics starts with the definition of an economy. An economy is the system a society uses for the production of the goods and services. The system also allocates that production of goods and services to consumers. A society could be a country, provence, state or a local …

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