a system of producing and distributing goods and services
are employed
ideal type
High youth unemployment in Nigeria can strain the economy by reducing overall productivity and consumption levels. It can also lead to social instability and increase the dependency on social welfare programs, which can further burden the economy. Additionally, a large pool of unemployed youth can result in lost opportunities for economic growth and innovation.
The five major social institutions are family, government, economy, education, and religion. These institutions play key roles in structuring and organizing society by shaping our identities, beliefs, and behaviors. Each institution serves different functions, such as providing socialization (family), maintaining order (government), facilitating economic transactions (economy), imparting knowledge and skills (education), and guiding spiritual beliefs (religion).
A market economy (also called a free market economy or a free enterprise economy) is an economic system in which the production and distribution of goods and services take place through the mechanism of free markets guided by a free price system. In a market economy, businesses and consumers decide of their own volition what they will purchase and produce. Technically this means that the producer gets to decide what to produce, how much to produce, what to charge to customers for those goods, what to pay employees, etc., and not the government. These decisions in a free-market economy are influenced by the pressures of competition, supply, and demand. This is often contrasted with a planned economy, in which a central government decides what will be produced and in what quantities. No pure market economy exists. Thus, almost all economies in the world today are mixed economies which combine varying degrees of market and command economy traits. For example, in the United States there are more market economy traits than in Western European countries. The advantages of a free market economy are for example - supply and demand
The best description of the Russian economy before 1985 was a socialist economy. The socialist economy focused on the production of goods for the use of the country and humans needs and not for the accumulation of capital wealth.
the economy expands as a result of lower tax rates.=.)
an agriculture economy overly dependent on cotton and slave labor.
Your question is incomplete -- what answers
The basic economic questions are answered by the customs of the past.
the layers of participation and authority in a group
The study of economics from a broad perspective of the resources and factors of production in an economy
market
Traditional A+
Controlled
market
It is something tangible that can be touched or carried