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With the advancement in the technological and environmental aspect, the nations are involving in better means of production and distribution to earn competitive advantage in the global scenario. The concept of the economic system is elaborated as the system of production and trade of goods and/or services in a community. The overall economic system includes individual, organisation, sectors and end users of a society or in general, it is often referred as the mode of production. Moreover, economics is identified on a wider concept, which is sub-divided into the two aspects i.e. micro and macroeconomics. Microeconomics focuses on demand and supply of products and/or services in the markets in relation to the change in the price level. On the other hand, macroeconomic dimension includes the relationship of the aggregate variables including the purchasing power, price income and money (McConnell et al., 2009).
The study of the overall economic system comprises both the micro and macro economy of a nation or a particular community at large about how firms and various agencies are linked among each other, how the communication information flow between the them and the social relationship in the economic system. Thus, in larger and boarder term, it comprises various processes that are followed within a geographical region in the production, distribution and circulation of labor for producing products and/or services, machineries, consumer goods and infrastructure among others. Moreover, the economic system of one nation varies with other nations due to differences in the political structure, culture and environmental conditions. In this regard, the point will be justified with the fact that Chinese economic system is comparatively very complex as compare the western nations’. The economic system consist of both capitalistic and socialistic aspects and the global economic system falls in four main
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As such, economic analysis relates to the study of economic systems in an industry to ascertain the effectiveness of the operations of a given industry with reference to its profitability1. With this, we are able to establish the optimum use of the limited resources to achieve a given economic objective.
From this viewpoint, the possibility to make profit comes from the process of exchange where the seller assigns a product a specific value that is likely to give returns of his desire, which could be higher than the cost of obtaining it though production or buying from another one.
The definition and types of economics systems The production, distribution, and allocation of goods and services may define an economics system. The combination of these sectors makes up the economic structure of different economies. There are four main types of economics systems, namely; the mixed economic system, market economies, command economic systems, and the traditional economic system.
The Spanish banking system is not considered to operate under a strict oligopolistic situation, although, some literature sources named in this essay suggest that the Spanish banking system operates under an oligopolistic manner.
sought to apply a broader theoretical and conceptual tradition of economic thought by placing emphasis on neo-classical synthesis – a combination of neo-classical economics and Keynesian economics.
Conservative economics is based on Milton Friedman’s teachings and
The healthcare submarket has become more credible and increasingly inspired confidence among the public. This follows the strict adoption of evidence based practice (EBP) in nursing. According to Gerdtham (2010), the
These tools enable professional mainstream economists to address various economic issues facing the world. Mainstream economics is about modeling in a way that traditional or heterodox economics is not. It originated from the neoclassical synthesis of the neoclassical
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