economic systems

/Tag: economic systems

June 2019

Economic Philosophies: Communism

By |2019-06-26T12:54:02+02:00June 26th, 2019|Notes, ZIMSEC A Level Business Studies, ZIMSEC Business Enterprise Skills|

  • Communism is the other of two left-leaning economic and political ideologies
  • Like it’s fraternal twin, socialism, it attempts to provide an alternative to feudalism which it replaced in countries like Russia and Capitalism which is widespread in the so-called Western countries
  • Again at its core is the belief that all members of society ought to be […]
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Economic Philosophies: Socialism

By |2019-06-25T07:09:45+02:00June 25th, 2019|Notes, ZIMSEC A Level Business Studies, ZIMSEC Business Enterprise Skills|

ZIMSEC Advanced Level Business Studies/ Business Enterprise Skills Notes: Economic Philosophies: Socialism

  • Socialism is one of the two left-leaning economic philosophies
  • It is at the core of most countries that are led by left-wing politicians
  • Indeed some of its principles have been adopted even by capitalist societies
  • At its heart is the […]
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Economic Philosophies: Introduction

By |2019-06-20T06:27:27+02:00June 18th, 2019|Notes, ZIMSEC A Level Business Studies, ZIMSEC Business Enterprise Skills|

ZIMSEC Advanced Level Business Studies/ Business Enterprise Skills Notes: Economic Philosophies: An Introduction

  • Economic philosophies are also known as economic ideologies
  • It refers to a set of economic ideals that a given person, society, country, people ascribe to
  • It refers to what this group of people/person believe the economy ought to […]
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AS A Level Business: Benefits And Drawbacks Of A Planned Economy

By |2019-08-15T09:02:46+02:00June 14th, 2019|Cambridge AS A Level Business Studies, Notes, ZIMSEC A Level Business Studies, ZIMSEC Business Enterprise Skills|

Cambridge AS A Level Business Studies/ ZIMSEC Advanced Level Business Studies/ Business Enterprise Skills Notes: Planned/Command Economy

  • We looked at the features of planned economies here
  • We will now examine the advantages and disadvantages of such an economic system
  • It is important to note that for the most part:
  • The advantages of command economies are usually the […]
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AS A Level Business: Planned Economy

By |2019-08-15T09:00:42+02:00June 13th, 2019|Cambridge AS A Level Business Studies, Notes, ZIMSEC A Level Business Studies, ZIMSEC Business Enterprise Skills|

Cambridge AS A Level Business Studies/ ZIMSEC Advanced Level Business Studies/ Business Enterprise Skills Notes: Planned/Command Economy: Features 

  • A planned economy is also known as a command economy
  • To recap society faces an economic problem of how to allocate its scarce resources
  • It has to answer three basic questions:
    • What to produce
    • How to produce and
    • For […]
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December 2015

Free Market Economy

By |2019-06-08T10:40:57+02:00December 7th, 2015|Notes, O Level Business Studies Notes, Ordinary Level Notes|

ZIMSEC O Level Business Studies Notes: Communication: Free Market Economy

Characteristics/Features

• All the resources (factors of production) are owned by private individuals.
• Profit is the main motive of all business.
• There is little or no government interference in business activities.
• Producers are free to produce how much they want, for whomever they want.
• Consumers are free […]

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