economy

Examples of economy in the following topics:

• India's Growing Economy

• Brazil's Growing Economy

• Informal Economy

  • This is in contrast to the formal economy; a formal economy includes economic activity that is legal according to national law.
  • All economies have informal elements.
  • Dealing drugs is an example of participation in the informal economy.
  • This video describes how the informal economy fails to provide some of the same social benefits as work in the formal economy.
  • Analyze the impact of the informal economy on formal economy, such as the black market or working "under the table"

• Mixed Economies

  • Most modern economies are mixed, including the United States and Cuba.
  • In general, most of the means of production in a mixed economy are privately owned.
  • However, to mitigate the negative influence that a pure market economy has on fairness and distribution, the government strongly influences the economy through direct intervention in a mixed economy.
  • Different ways a government directly intervenes in an economy include:
  • Generally, individuals in mixed economies are able to:

• Differences Between Centrally Planned and Market Economies

  • The key difference between centrally planned and market economies is the degree of individual autonomy.
  • Before you can analyze any national economy, you need to understand these two opposing viewpoints on how to run an economy.
  • These economies are also called command economies because everyone must follow specific guidelines set up by the controlling authority.
  • Planned economies have several advantages.
  • Although they avoid many of the inadequacies of planned economies, market economies are not free of their own problems and downfalls.

• Informal economy

  • An informal economy is economic activity that is neither taxed nor monitored by a government and is contrasted with the formal economy as described above.
  • The informal economy is thus not included in a government's Gross National Product or GNP.
  • Although the informal economy is often associated with developing countries, all economic systems contain an informal economy in some proportion.
  • The terms "under the table" and "off the books" typically refer to this type of economy.
  • The term black market refers to a specific subset of the informal economy.

• Mixed Economies

  • A Mixed Economy exhibits characteristics of both market and planned economies, with private and state sectors providing direction.
  • A mixed economy is an economic system in which both the state and private sector direct the economy, reflecting characteristics of both market economies and planned economies.
  • Most mixed economies can be described as market economies with strong regulatory oversight, in addition to having a variety of government-sponsored aspects .
  • Economies ranging from the United States to Cuba have been termed mixed economies.
  • Outline the plan behind and what governments provide in a mixed economy

• The Economy Under the Ming Dynasty

• The Economy in British India

• The Rising Economies of East Asia