Mindblown: a blog about philosophy.
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Planned Economy
Planned Economy Planned Economy is an economy in which the government decides what needs to be produced and in what quantities. In the Planned Economy government usually provides the good which would have not been provided under the Market Economy.
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Market Economy
Market Economy Market Economy is a consumer driven economy. In other words the price mechanism determines what needs to be produced and in what quantities. The consumer decides what needs to be produced and the government does minimum interference in this economy.
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3 Economic Systems
3 Economic Systems There are 3 Economic systems which are operating in the world. The Economic systems which are prevailing in the society are Market, Planned and Mixed economies.
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What is Production Possibility Curve?
What is Production Possibility Curve? Production Possibility Curve shows the different combinations of two products which can be produced with the given resources. It also depicts the maximum output which can be achieved with the existing resources. If resources are shifted from one product to another there would be a change in production for both…
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What does PPC stand for?
What does PPC stand for? PPC stands for Production Possibility Curve. There are many names Economists give to the PPC. Some name it opportunity cost curve and some call it production possibility curve.
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Economic and Free goods
Economic and Free goods In today’s world it can be difficult to distinguish between Economic and Free goods. Water is a perfect example of something which can be considered both Economic and Free good. Water is not a man made product and we do not have to employ any resources so it would be considered…
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Free Goods
Free Goods Free goods are the goods for which we do not have to employ resources to produce it. In simple words we can say that we do not have to employ any resources to produce them and no expence is incurred to produce them. Free goods are provided by the nature.
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Economic Goods
Economic Goods Economics goods are the goods for which we have to employ resources to produce it. In simple words we can say that we have to employ factors of production to produce them and an expense is incurred in order to produce them. Economic goods are man made goods.
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Depreciation
Depreciation Depreciation is the decrease in the value of an asset with time. Normally businesses charge 20% depreciation each year and depreciation is considered to be an expense in accounting. I am just going to stop over here because depreciation at a more advanced level should only be explained in Accounting and Business Studies.
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Consumer Goods
Consumer Goods Consumer goods are the good which are consumed by the consumer and they are not used to produce other products. In the last post we discussed that the machinery was used to make bottles, now we have to find out whether the bottles can be used to make something else. If the bottle…
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