Tag Archives: Economics

The Market System and Circular Flow

Every society needs to develop an economic system which is a particular set of institutional arrangements and according mechanism, in order to respond to the economizing problem. The command system, which is also known as socialism or communism, is the … Continue reading

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Limits, alternatives, and choices

Scarce economic resources can mean limited goods and services, as scarcity restricts options and demands choices.  TANSTAAFL – There ain’t no such thing as a free lunch.  Opportunity costs – to obtain more of one thing, the opportunity to get … Continue reading

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