Whether an entity is a country or a small town, an economy includes all activities connected to the production, consumption, and trade of products and services in that entity.
Each economy is unique. Geography, laws, cultures, histories, and resources influence each. Each transformation is the outcome of the people’s choices and actions. These decisions are made by combining market transactions with collective or hierarchical decision-making.
A centralized authority controls the amount produced, goods’ price, and distribution in command-based economies.
In such a system, the government owns the industries it deems necessary for the people who will use them. Business competition is discouraged or forbidden. Prices are controlled. Communism requires a command-based economy. Cuba and North Korea are recent examples.
A command-based economy aims to take the place of supply and demand.
Economics is the study of economies and the variables that influence them. Microeconomics and macroeconomics are the two main concentrations within the field of economics.
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