"Economy" means the total resources of a community or country. Therefore, economy compasses many things, such a money, the wealth of citizens, and the amount of commodities or products available for consumption. Although there are many ways of measuring the economy, the GDP, or gross domestic product, provides one of the best general overviews of the U.S. economy. The GDP measures the total output produced by people and businesses.Know More
There are four types of economic systems: traditional, market, command and mixed. In a traditional economy, the economic system remains the same from generation to generation. On the other hand, a market economy is constantly changing. A market economy relies on the demand for products and adjusts according to purchasing trends. In turn, the price of products is determined by supply and demand.
In a command economy, the government controls economic activity, and the market trends are only reactive to the decisions of the government. A mixed economy involves some government control, but economic activity is also influenced by purchasing trends.
The U.S. has a mixed economy. The government regulates several different industries, but purchasing trends also play a central role in economic activity. Most industrialized countries also have a mixed economy.Learn more in Economics
Economic freedom refers to a condition in which a person living in a community, state or country has the right to purse economic opportunities. This condition is associated with capitalistic countries where individual opportunities to find work and make money are typically promoted by limited government restrictions.Full Answer >
Inflation means that the value of money decreases, whereas deflation means that the value of money increases. In a period of inflation, the costs of goods and services increases over time. In a period of deflation, the costs of goods and services decreases over time.Full Answer >
According to New Geography, "think globally, act locally" is a slogan encouraging people to think about the global ramifications of their actions while making an effort to improve things locally. The phrase has been used in a variety of different fields and has many interpretations, but it is commonly associated with the environmental movement.Full Answer >
"Socioeconomic" refers to the influence of finances and educational advantages on social status. The term is most often used in explanations of class. Sociologists believe there is a direct correlation between the number of opportunities provided to individual and the abilities of those people to climb the social ladder.Full Answer >