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The Four Types of Economic Systems

Four types of economic systems characterize most economies around the world: traditional economies, command economies, market economies, and mixed economies. All of them rely on a different set of assumptions, regulations, and conditions. And, of course, all of these economic systems have their strengths and weaknesses. We will look at […]

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Calculating Consumer Price Index (CPI)

The Consumer Price Index (CPI) is an indicator that measures the average change in prices paid by consumers for a representative basket of goods and services over a set period. It is widely used as a measure of inflation, together with the GDP deflator (see also GDP Deflator vs CPI). […]

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