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Introduction to Economics

What is Economics?

Economics, a discipline and set of methodologies within the social sciences, can be described in a multitude of ways. The field focuses on the distribution, consumption, and production of wealth; one can also say that economists study human behavior and choice regarding buying and selling. Economists use key concepts such as the law of supply…
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Capitalism: Pros and Cons

Capitalism is an economic system where private companies own the four factors of production. The four factors are land, capital, land/natural resources, and entrepreneurship. Characteristics of Capitalism In a capitalist society, companies and individuals own the different factors of production. They receive rent, interest, profit, and wages…
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Factors of Production

The four factors of production are inputs used in various combinations for the production of goods and services to make an economic profit. The factors of production are land, labor, capital, and entrepreneurship. They are the inputs needed for supply. Mainly, the factors of production consist of any resource that is used in the creation of a…
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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 Economies 1. Traditional Economic System The…
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