Economy
Published on May 08, 2024
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Economy
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Economy refers to the system of production, distribution, and consumption of goods and services within a society or region.
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It encompasses various factors such as resources, labor, markets, and financial structures, influencing the overall wealth and well-being of a community or country.
Market Economy
Command Economy
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Market Economy
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A market economy is where individuals and businesses make economic decisions based on supply and demand.
It involves private ownership, competition, and limited government intervention.
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In a market economy, people and businesses decide what to make, sell, and buy.
Prices are determined by what people are willing to pay, and competition helps keep things fair.
It’s a system where individuals and companies make choices, and the government’s role is limited.
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Command Economy
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Command economy is characterized by centralized government control over economic decisions.
In this system, the government typically owns or controls key industries and makes decisions regarding production, distribution, and resource allocation.
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Command economy is where the government controls and makes decisions about what goods and services are produced, how they are produced, and who gets to receive them.
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Thank You!
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