Economics

Economics

by Azba Mazher

​Economics

Economics is the study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society.​

There are three types of Economic Systems​

1. ​Free market system

2. Command system

3. Mixed system

​Free Market System:

A market economy is an economic system where two forces, known as supply and demand, direct the production of goods and services.

​Command Economic System:

​A command economy is in which a central governmental authority dictates the levels of production that are permissible and the prices that may be charged for goods and services.

​Mixed Economic System

​This system is a mixture of market and planned economies.

Multiple Choice

A market economy is:

• also a planned economy

• decided by the government

• decided by individuals

Poll

A planned economic system is the best of all.

• obviously

• not at all

• partially