Posted inEconomics
The General Agreement on Tariffs and Trade (GATT) | Aims & Objectives
The General Agreement on Tariffs and Trade (GATT) agreement was signed in Geneva, Switzerland in 1947 with the following basic principles:
Posted inEconomics
Methods of Economic Analysis : Positive & Normative Reasoning
Economic analysis is both theoretical and empirical. Both theoretical and empirical analyses use three types of languages which are verbal, statistical and mathematical.
Posted inEconomics
Centrally Planned Economy: Definition & Features
A centrally planned economy is an economic system in which economic decisions are made by the government of a country through a central economic planning bureau. It is also called a command economy and is associated with a socialist or communist economic system.
Posted inEconomics
Traditional Economic: Definition, Features, Pros & Cons
Traditional economic system is the type of economy system that prevailed in all independent human organization or settlements prior to their contact with the outside world. In Africa, for instance, feudalism and communism predominated before contact with Europeans.
Posted inEconomics
Mixed Economic System: Definition, Features, Pros & Cons
In mixed economic system, decisions regarding what, how and for whom to produce are partly handled by the state and partly by the individuals and private organizations.