An economy or economic system consists of the production‚ distribution or trade‚ and consumption of limited goods and services by different agents in a given geographical location. The economic agents can be individuals‚ businesses‚ organizations‚ or governments. Transactions occur when two parties agree to the value or price of the transacted good or service‚ commonly expressed in a certain currency. In the past‚ economic activity was theorized to be bounded by natural resources‚ labor‚ and capital
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[pic] THE NETWORK ECONOMY The Network Economy The history of economics of the Industrial Revolution since its beginnings is based on growth. Growth of people meant more customers and growth of production‚ which lead to growth in profits. This so-called “old” or traditional economy was based on bulk production‚ demanding large quantity of resources and limited know-how. The traditional economy‚ according to Alfred Marshall was based on diminishing returns. According to him producers
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Economies Traditional Economy‚ Command Economy & Market Economy Traditional Economy Definition A traditional economy is an economic system where customs‚ traditions and beliefs determine the goods and services created by the society. It is dependent on agriculture‚ hunting and gathering‚ fishing or any combination of the above. Also called a subsistence economy‚ it may involve use of barter trade instead of currency. Characteristics Traditional economies are often based on one
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Planned Economy: "The social good" In a planned economy‚ the factors of production are owned and managed by the government. Thus the Government decides what to produce‚ how much to produce and for whom to produce. Features: • All resources are owned and managed by the government • No consumer OR producer choice • The market forces can’t set the price for goods or services • Profit is not the main objective‚ the government aims to provide services and goods to everybody • Government decides
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SOCIO-ECONOMIC PROBLEMS OF PAKISTAN Outline: •Introduction Pakistan is a resource rich country but due to incompetent politicians‚ strong generals‚ weak judiciary‚ conservative Ulemas and controlled media‚ it is facing socio-economic‚ political and religious challenges. • Problems Faced By Pakistan At The Time Of Inception From its very inception‚ Pakistan faced a large number of problems. Some of the initial difficulties were 1. Choice of Capital and Establishment of Government
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Understanding Indian Economy The economy of India is currently the world’s fourth largest in terms of real GDP (purchasing power parity) after the USA‚ China and Japan and the second fastest growing major economy in the world after China. India’s annual growth rate is above 8% while that of China is about 10%. India is a developing country and our economy is a mixed economy. In a mixed economy the public sector co-exists with the private sector. Dadabhai Naoroji is known as the Father
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My eight year old brother‚ Jay‚ stands out in a crowd of children because of his distinctive appearance and gentle manner. The first thing I notice when I look at him is his height. He stands at shoulder height next to me; indeed‚ he is a head taller than other children his age‚ and is definitely stronger. His weight is a hefty 121 pounds; without a doubt‚ he weighs forty pounds more than other children in his grade level. Recently‚ my dad signed him up for flag football‚ where he was told: “It is
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-My room is in a mess because I had a party with my best friends last night. I have to clean my room before my mom arrives from work. The underwear is hanging on the lamp‚ my books are all jammed in the closet‚ the scarf is beneath the TV and my shoe is under the bed. -We have the best cafeteria‚ they offer different type of foods‚ the food menu is so big it consists of Arabian‚ Indian‚ American‚ Mexican and Chinese food. They have a special Indian dish called “Chicken Tekka Masala”
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Steps for a Weekend Trip Most people like to plan their trips one month or maybe one week before their journey. A trip can be done in different transports but today I will be write about traveling by car. There are many steps that you can follow before do a trip. The first step that you can follow and the most important is to make a budget especially if is in car‚ you need to know how many miles per gallon spends your car and how many miles is located the place that you want to
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ESL 263 Unfair law Arizona immigration law – SB 1070 has become a controversial topic in the USA. This is a racist law which is encourages racial profiling. This is difficult to find out who is a legal or an illegal immigrant. So‚ this law requires police officers to determine the immigration status of a particular group‚ Hispanic who they reasonably suspect to be illegal immigrants. In addition‚ this bill gives power to officers to stop and ask questions to an individual without a warrant
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