What's it: Autarky is a system or philosophy in which an economy seeks to be self-sufficient. If a country adopts this system, it will
Economic System
How to distinguish socialism from free markets
Economic system seeks to answer three fundamental questions in economics, namely: What goods will be produced?How will the goods be produced?For
Socialism: Meaning, Characteristics, Types, Pros and Cons
What's it: Socialism is a social, political, and economic philosophy that advocates for collective ownership of the means of production. Socialism and
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Laissez-faire: Concept, Pros and Cons
What's it: Laissez-faire is a political-ideological concept that rejects government intervention on the economy. This term, in French, means "let
Market Economy: Meaning, Characteristics, Pros, and Cons
What's it: A market economy is an economic system in which market mechanisms determine economic activity. In other words, the economy is based on the
Free Market: Meaning, Characteristics, Pros and Cons
What's it: A free market is an economic system in which the forces of demand and supply drive all economic activity. In a pure system
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Capitalism: Characteristics, Types, Good and Bad
What's it: Capitalism is an economic and political system in which most of the resources are owned by the private sector. In this system, those
Economic System: Types and Characteristics
For businesses, the economic system is important. Business success depends on the economic system in which they present and where they sell their
Free Market Economy: Meaning, Features, Examples, Pros, Cons
Some countries adopt a mixed economic system between a free market economy and a command economy. Some countries, such as Singapore, New Zealand,
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Mixed Economy: Meaning, Characteristics, Pros, Cons
Most countries adopt a mixed economy. A free-market economy contains weaknesses, as does the command economy. As a result, mixing the two economic