The Four Types of Economic Systems

As you probably know, there are countless economies across the world. All of them are unique in their own way, but they still share a significant number of characteristics. Thus, we can categorize them into four types of economic systems; traditional economies, command economies, market economies and mixed economies. All of them rely on […]

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The Different Types of Goods

In economics, goods can be categorized in many different ways. One of the most common distinctions is based on two characteristics: excludability and rivalrousness. That means, we categorize goods depending on whether people can be prevented from consuming them (excludability) and whether they can be consumed by individuals without affecting their availability to other […]

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The Four Types of Market Structures

There are quite a few different market structures that can characterize an economy. However, if you are just getting started with this topic, you may want to look at the four basic types of market structures first. Namely perfect competition, monopolistic competition, oligopoly, and monopoly. Each of them has their own set of characteristics […]

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The Classical Factors of Production

Factors of Production are one of the foundations of economic activity. They describe all the inputs or resources that are used in the production of goods and services. The classical factors of production include land, labor and capital. They are sometimes also referred to as producer goods and services, because they are […]

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