economic systems

/Tag: economic systems

June 2019

AS A Level Business: Benefits And Drawbacks Of A Planned Economy

By |2019-06-14T11:31:33+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 |2019-06-13T06:12:42+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 […]