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O's in playoffs means big business for Baltimore
Sunday was the last regular season home game for the O's, who won't return for a game in Baltimore until the playoffs. Even though the Orioles lost that game to Boston, once they return from their last road trip and start playoff baseball, there will …
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Man accused in home, business break-ins
Jason Haynes West stole items from a Hamlet Avenue business and a Jefferson Street home, Interim Police Chief Rodney Tucker said in a Monday statement. Police recovered all of the stolen goods, which Tucker said includes a flat-screen television, and …
Read more on Richmond County Daily Journal

mza 3202570227120920622.60x60 503   Robert D. Hormats, Concluding Remarks at the Russian Economy and U.S. Russian Relations Conference
– Robert D. Hormats, Concluding Remarks at the Russian Economy and U.S.-Russian Relations Conference
from Russia and Eurasia – Audio
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Latest Home Business News

Police checking for linkage in shots fired into home, business
Police cannot be certain whether the same shooter was responsible for apparently random shots fired early Friday morning into a home and a business on the south side of Joplin. Someone fired a shot about 4 a.m. through a window on the east side of …
Read more on Joplin Globe

Workshop teaches seniors about building home-based businesses
Workshop teaches seniors about building home-based businesses. GRAND FORKS, N.D. – Susan Larson first began making clothes nine years ago for her 1-year-old granddaughter. When friends of Larson's daughter-in-law began asking about where she …
Read more on Prairie Business

Possible arson fires damage home, business
Shreveport fire investigators are searching for the cause of separate early morning blazes at a vacant home and business today in downtown Shreveport. Just before 2 a.m., firefighters responding to a call in the 700 block of Lawrence Street just off …
Read more on Shreveport Times

Edward Lazear: How to Fix the US Economy

Edward Lazear gives his advice for how to get the federal budget under control and the US economy back on track. Lazear is the Jack Steele Parker professor o…
Video Rating: 4 / 5

The Basics of Any Economy

In a traditional economy, how the resources are distributed is predicted by the habits and traditions practised by the society. Here, the Basics of Economy is guided by a pre-determined force and everyone automatically knows where they fit in. Occupations are distributed according to heritage and there is little room for growth and innovation as new ideas are usually scorned and perceived as a threat to a way of life.

In the traditional economy, there is stability and predictability and entrepreneurs are rare thus, the standard of living is significantly low. The government plays a lot of role in the command economy. Instead of allowing tradition and habits to dictate the economy, a central government is elected or appointed to dictate the Basics of Economy. Everybody is then obliged to follow the economic decisions made by the government or their interest groups regardless of their differing or preferred stands.

The Market economy on the other hand is controlled by the forces of demand and supply. What to produce, for whom and needed quantity is all left in the hands of the market, the people. This economy permits growth and change based on the various needs of the consumers. The distribution of wealth in a market economy is often not balanced since it is tallied to the wavering needs of the market forces.

Communism captures the command economy. A central unit owns all and attempts to redistribute the wealth equally to all. The advantages and disadvantages of this approach weigh each other out. Capitalism works well with the market economy, the direction and growth is left to the consumers and business owners. By promoting competitive living, it takes the resources of any society and puts it to good use thereby promoting efficiency and flexibility. A major setback however could be the insensitivity of this type of economy to a balanced distribution of needs.

The Basics of Economy is similar in today’s major economies, most practicing socialism attempt to mix the command and market economies. In this arrangement, a central unit controls essential public demands while non-essential demands are left to compete with the harsh forces of demand and supply. Mixed economies takes the best of all the other economies, combines them in order to meet the demands of any society on a much larger scale.

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