A market or industry is considered under perfect competition if it has a sizeable number of producers or sellers offering […]
Business and Economics
Characteristics of Perfect Competition
One of the four major types of market structures is perfect competition characterized by a sizeable number of firms or […]
Monopolistic Competition: Advantages and Disadvantages
Markets considered under a monopolistic competition structure are common in market and mixed market economies. The smartphone market is a […]
Characteristics of Monopolistic Competition
Monopolistic competition is one of the four major types of market structures along side perfect competition, oligopoly, and monopoly. It […]
Types of Market Structures
Market structures represent the economic environment in which firms or businesses operate and compete with one another. A particular industry […]
Characteristics of a Centrally Planned Economy
A centrally planned economy is an economic system and a specific type of a planned economy in which economic decisions […]
Command Economy: Advantages and Disadvantages
Key characteristics of a command economy such as central government control and public ownership have appealed to thinkers and leaders […]
Characteristics of a Command Economy
A command economy is an economic system in which the government has central authority over investments, production, distribution, and allocation […]
Role of the Government in the Economy
The government has an inherent responsibility of promoting and protecting the welfare of its citizen by providing leadership and direction. […]
Relationship Between Money Supply and Interest Rates
The government monitors and controls the money supply and interest rates as part of its role in overseeing the economy. […]
