I really like the blog because of easy and focused approach that writer has used in simple and less words. Useful for those who just want a overview about economics.
A definition of what an economy means is helpful in understanding the importance of economic systems. The economy is a structured system that uses production, distribution, and services to create a stable environment. Therefore, an economic system is the production, consumption of goods and services with a set of institutions and social relations to create a balanced society.
There are a few different types of economic systems such as capitalist, social list, mixed economies and communism. Economic systems do not have to be on a global scale or even a national scale. For example, economic systems such as distributism, the Japanese system, social market economy and Georgism are some of the available options out there. These systems may be state or private. A few are cooperative ownerships. A mixed economy is considered one with a mix of private activity and state planning.
The best gauge for the importance of economic systems is balance. The world requires a balance that will ensure the survival of the system. For example, the human race has to find balance with food, shelter, water, and even income in order to survive. Income is necessary in order to buy shelter, food, and other necessities of life. Though money did not exist in the past, we have an economic system that demands income be included in our survival. The UK has a capitalist system which the government maintains order to sustain life in the UK.
Since society can be part of economic systems, it is also an important factor in people getting along in a balance of nature. Humans are social by nature therefore an economy that promotes this social interaction will also increase the effectiveness of the economic system in place and the balance of one's life.
a big hand of appluse for the writer of da topic who made it so easy to understand and absorbant.
ReplyDeleteMrs.Afaque...
this helped me a lot in my school project.a bit problem is there a filipino version?haha!
ReplyDeleteI really like the blog because of easy and focused approach that writer has used in simple and less words.
ReplyDeleteUseful for those who just want a overview about economics.
very helpful and briefly detailed..thank you, writer.
ReplyDeletethis will help me 4 sure.. jejeje
ReplyDeleteyour notes really helped me alot.
ReplyDeletei have my exam tomorrow and and i easily mugged up these notes.
waw! So nice...u realy helped me, thnx alot
ReplyDeletethanks a lot to the writer...you just saved me from my prof's course.
ReplyDeletePlease elaborate on GDP Vs. Happiness?
ReplyDeleteEconomics helps me to manage my money well when in school. thank you writer!
ReplyDeleteI will like to know how an economist is useful in an electoral decision or organization
ReplyDeleteI love the blog because the writer explained the importance of economics in simple terms and it helped me a lot with my school assignment
ReplyDeleteA definition of what an economy means is helpful in understanding the importance of economic systems. The economy is a structured system that uses production, distribution, and services to create a stable environment. Therefore, an economic system is the production, consumption of goods and services with a set of institutions and social relations to create a balanced society.
ReplyDeleteThere are a few different types of economic systems such as capitalist, social list, mixed economies and communism. Economic systems do not have to be on a global scale or even a national scale. For example, economic systems such as distributism, the Japanese system, social market economy and Georgism are some of the available options out there. These systems may be state or private. A few are cooperative ownerships. A mixed economy is considered one with a mix of private activity and state planning.
The best gauge for the importance of economic systems is balance. The world requires a balance that will ensure the survival of the system. For example, the human race has to find balance with food, shelter, water, and even income in order to survive. Income is necessary in order to buy shelter, food, and other necessities of life. Though money did not exist in the past, we have an economic system that demands income be included in our survival. The UK has a capitalist system which the government maintains order to sustain life in the UK.
Since society can be part of economic systems, it is also an important factor in people getting along in a balance of nature. Humans are social by nature therefore an economy that promotes this social interaction will also increase the effectiveness of the economic system in place and the balance of one's life.
thanks man! this helps me for my report tomorrow..
ReplyDeleteVery easy to understand
ReplyDeleteThanks