- 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 […]
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 […]
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 […]
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 […]
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 […]
ZIMSEC O Level Business Studies Notes: Communication: Free Market Economy
• 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 […]