How do you use economic system in a sentence?
Entrepreneurial and market freedom is the basis of the economic system. Their impact on the economic system, however, was negligible. They had to adapt their traditional economic system to dramatic changes. BTP has a new economic system, the National Economy Model.
What is an economic system simple definition?
An economic system is a means by which societies or governments organize and distribute available resources, services, and goods across a geographic region or country.
What is economy in a sentence?
Definition of Economy. refers to wealth, financial worth, and resources pertaining to a particular region. Examples of Economy in a sentence. 1. Consumer spending is crucial in cultivating a powerful, prosperous economy in any society.
What is economy in your own words?
An economy is the large set of inter-related production and consumption activities that aid in determining how scarce resources are allocated. In an economy, the production and consumption of goods and services are used to fulfill the needs of those living and operating within it.
Which is a positive economic statement?
Positive economics is objective and fact-based where the statements are precise, descriptive, and clearly measurable. Here’s an example of a positive economic statement: “Government-provided healthcare increases public expenditures.” This statement is fact-based and has no value judgment attached to it.
What is an example of a normative economic statement?
Samples of normative economic statements include “Women should be provided higher school loans than men,” “Laborers should receive greater parts of capitalist profits,” and “Working citizens should not pay for hospital care.” Normative economic statements typically contain keywords such as “should” and “ought.”
Which of the following is an example of positive economics?
Positive economics is often called ‘what is’ economics. For example- rise in prices of crude oil leads to increase in demand for bicycles.
What are examples of produce?
For example, which of the consumer goods such as wheat, rice, cloth are to be produced and which of the capital goods such as machines and tools are to be produced. When an economy has taken a decision as to what goods or services to be produced, then it has to be about its quantity.