Day: June 30, 2026

It is the graphical representation that shows the maximum possible combination of two goods that an economy can produce with the full-utilization of available resources within the economy. PPC is…

An economic system where the major economic activities are conducted by the government and private sectors. Mixed economy encompasses the features of both market economy and socialist economy In this…

Also called planned economy or controlled economy Major economic activities such as production, consumption, distribution and exchange of goods and services are organized and carried out by state/government. Example: Cuba,…

It is also called capitalist economy, open economy or free enterprise economy. In market economy, all economic activities such as production, consumption, distribution, exchange etc are organized and carried out…