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Introduction to Economics

The Four Types of Economies

The way scarce resources get distributed within an economy determines the type of economic system. There are four different types of economies; traditional economy, market economy, command economy and mixed economy. Each type of economy has it's own strengths and weaknesses.The Four Types of Economies1. Traditional Economic System…
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Economic Growth And Development

What is the difference between Economic Growth and Development? We will start by defining Economic growth and development. Having economic growth without economic development is possible.Economic growth in an economy is demonstrated by an outward shift in its Production Possibility Curve (PPC). Another way to define growth is the increase in a…
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