Top 3 types of economic systems: 1. On the basis of nature 2. On the basis of economic development 3. On the basis of ownership of resources. 1. Types of Economies-On the Basis of Nature: 1. Simple Economy: An economic system where production, consumption and exchange of goods is carried out on a limited scale is referred to as simple [...]
Compilation of Notes on the Central Problems of an Economy with its solution for class 10, 11 and 12 students. Rich or poor, developed or undeveloped, every economy must face three central problems. These are: (A) What to produce? (B) How to produce? and (C) For whom to produce? Following is a brief description of these problems: (A) What to [...]
Here is a term paper on the ‘General Equilibrium in an Economy’ for class 9, 10, 11 and 12. Find paragraphs, long and short term papers on the ‘General Equilibrium in an Economy’ especially written for school and college students. Term Paper # 1. Introduction to the General Equilibrium in an Economy: The Walrasian model is an important model of [...]