Quick answer: A perfectly competitive market has a very large number of buyers and sellers, an identical product, firms that
Managerial Economics
Demand, costs, pricing, market structures and economic systems for better business decisions.
Quick answer: The balance of trade records only exports and imports of goods (visible trade). The balance of payments is
Quick answer: The balance of payments is in equilibrium when a country’s total receipts from the rest of the world
Quick answer: Balance of payments disequilibrium happens when a country’s payments to the rest of the world do not match
Quick answer: Causes of BoP disequilibrium include economic factors (trade deficit, domestic inflation, rapid development, overvalued currency, business cycles, commodity
Quick answer: Balance of payments disequilibrium is corrected through automatic adjustment (exchange rates and prices) and deliberate measures. Monetary measures
Quick answer: The balance of payments records all economic transactions between a country’s residents and the rest of the world.
Quick answer: A mixed economy combines private enterprise and market prices with state ownership, planning and welfare. Advantages: economic freedom
Quick answer: Advantages of a socialist economy: less inequality, basic needs covered, low open unemployment, rapid build-up of heavy industry,
Quick answer: A capitalist economy runs on private ownership, profit and free markets. Its advantages are efficient production, good use