Economic systems

The barter system facilitated exchange of goods and services before the advent of the monetary system. Let us take a closer look at the history of this age-old system.

Example 4: 3 Sector Circular Flow Diagram This Economy infographic represents the three-sector circular flow of income model. The economy consists of three sectors: households, business, and government. You can observe the flows from the households and business to the government in the form of taxes, labor, goods, and services.

Supply and Demand Balance Scale Economics Principles Law. Illustration about customer, evaluating, correlate, background, difference, economy, evaluate, choose, analyze - 38029279

John Lanchester on how, in three centuries, the heresies of two bankers became the basis of our modern economy.

Infographic: The Sharing Economy While the sharing economy has been widely used in the past two years, it’s an economic term that has existed since 2010. Many scholars and thinkers have tried to define it in different ways, from a socio-economic ecosystem to collaborative consumption, we found the most recurring ones to be: the recirculation of goods (e.g. eBay or Craigslist), the exchange of services (think TaskRabbit, the sharing of productive assets), and finally the utilization of…

Traditional economics views humans as robotic machines who make calculated decisions based on logic. In contrast, behavioural economics views humans as irrational and emotional beings who ar…

India is estimated to record an economic growth of 7 per cent in 2021-22

Using AI to Analyze the Economic Viability of Permaculture Initiatives Permaculture As the world wrestles with the squeezing difficulties of environmental change, asset exhaustion, and ecological debasement, imaginative ways to deal with practical horticulture stand out. One such methodology is permaculture, an all-encompassing plan of reasoning that expects to make self-maintaining, regenerative frameworks that copy the examples and connections tracked down in normal biological systems…

Factors of production in economics refer to inputs that one needs to make or produce a good or service. There are 4 factors of production.