Preliminary Eco Help! (2 Viewers)

[x.Exhaust.x]

Half yearly exams tomorrow, and I'm cramming as much knowledge as I can . Help me cram .

1. What are the differences between a net leakage and a net injection

2. Define: -

A mixed economy
A laissez faire economy
A command economy
A pure capital economy

3. What's the main difference between the APC, APS with the MPC, MPS? Does it make a difference?

Thanks .

 

[foram]

look in an excel textbook. do you have one?

 

[x.Exhaust.x]

Not excel, we've got Year 11 Economics - Tim Riley. The reason why I posted those questions up is because we got them in an m/c sheet and whilst looking throughout my textbook, I couldn't seem to find the definitions.

 

[foram]

1 net leakage and net injection i believe refer to the circular flow of income.

injections are government spending, investment by the financial sector, and exports

leakages are taxation, savings, and imports.

if injections are equal to leakages then teh economy is in equilibrium

if leakages are greaker than injections, then the economy shrinks

if leakages are less than injections, then the economy expands.

 

[foram]

i'll scan some notes about the types of economies for you. 1 moment.

 

[foram]

i think the command economy is the planned economy. The pure capital economy might be the market economy, and the mixed economy is just that. I have never heard of A laissez faire economy but that might be the "tradional economy" in the book i'm using,

 

[x.Exhaust.x]

Hmm I see.

S+T+M = I+G+X (Equilibrium)

S+T+M > I+G+X - Economy Contracts

S+T+M < I+G+X - Economy Expands

Just need definitions for net leakage and net injection. I tried google searching it but couldn't seem to find anything...

 

[x.Exhaust.x]

i think the command economy is the planned economy. The pure capital economy might be the market economy, and the mixed economy is just that. I have never heard of A laissez faire economy but that might be the "tradional economy" in the book i'm using,

Ah I see! Thanks a lot foram .

 

[bored of sc]

With reference to wikipedia and other internet sites...

A mixed economy is a system that has come about by incorporating more than one type of economic system (see wiki for examples of economic systems).

Laissez faire literally means to "let-do." So such an economy is one founded on free markets, minimal taxes, minimal regulations and private ownership of property.

A command economy is an economic system in which the means of production are publicly owned and economic activity is controlled by a central authority that assigns quantitative production goals and allots raw materials to productive enterprises.

A pure capital economy is an economic system whereby all the means of production are privately owned (check this answer though, if possible).

 

[bored of sc]

Which exams do you have tomorrow?

P.S Good luck

 

[x.Exhaust.x]

Which exams do you have tomorrow?

P.S Good luck

Just Economics bored of sc. I'll need the luck .

 

[x.Exhaust.x]

A laissez faire economy is also classified as a free-enterprise economy. Would a free-enterprise economy be known as a market economy?

 

[foram]

i made some scans from a book called "practical economics second edition" It's one of my mum's accounting books, but i found it has a lot of overlap with school economics. i'm uploading it to rapidshare now. http://rapidshare.com/files/105561021/My_scans.rar.html The pages aren't in order, but the page number is at the bottom of each page.

 

[x.Exhaust.x]

i made some scans from a book called "practical economics second edition" It's one of my mum's accounting books, but i found it has a lot of overlap with school economics. i'm uploading it to rapidshare now. http://rapidshare.com/files/105561021/My_scans.rar.html The pages aren't in order, but the page number is at the bottom of each page.

Tyvm.

 

[Continuum]

A laissez faire economy is also classified as a free-enterprise economy. Would a free-enterprise economy be known as a market economy?

Yeah, it is - the term market economy is far more common though, in exactly the same way that the term planned economy is more common than a command economy.

Unfortunately, I have an Economics exam as well. Damn...

 

[x.Exhaust.x]

Yeah, it is - the term market economy is far more common though, in exactly the same way that the term planned economy is more common than a command economy.

Unfortunately, I have an Economics exam as well. Damn...

I know . How did your exam go? Mine went superb . Many walked out saying it was hard. I laughed. Kekekeke.

 

[Continuum]

I know . How did your exam go? Mine went superb . Many walked out saying it was hard. I laughed. Kekekeke.

Mine was ok, easier than I expected but I ended up bullshitting abit for the essay.