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What type of economic system is democracy?
Democratic capitalism, also referred to as market democracy, is a political and economic system that combines capitalism and strong social policies. Is de...
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What are some examples of imperfect competition?
Examples of imperfect competition include, but aren’t limited to, monopolies and oligopolies. Is Apple imperfect competition? They are competitive, but th...
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Who created Keynesian economics?
economist John Maynard Keynes Keynesian economics gets its name, theories, and principles from British economist John Maynard Keynes (1883–1946), who is r...
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What roles did African slaves play in the American economy?
Recruited as an inexpensive source of labor, enslaved Africans in the United States also became important economic and political capital in the American p...
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Why is it important for the government to play a role in a capitalist economy?
Capitalist Economy: In a capitalist economy, the role of government is very limited. The main functions of government, as given by Adam Smith, are to main...
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What are planned market and mixed economies?
In a command economy, also known as a planned economy, the government largely determines what is produced and in what amounts. In a mixed economy both mar...
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What is an example of factors of production?
“Factors of production” is an economic term that describes the inputs used in the production of goods or services to make an economic profit. These includ...
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In which economic system does the government make economic decisions?
A centrally planned economy, also known as a command economy, is an economic system in which a central authority, such as a government, makes economic dec...
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What happens to GDP when aggregate demand increases?
Increasing any of these components shifts the AD curve to the right, leading to a greater real GDP and to upward pressure on the price level. Decreasing a...
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How is poverty connected to community?
Issues like hunger, illness, and poor sanitation are all causes and effects of poverty. The effects of poverty are often interrelated so that one problem ...
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