Key Takeaways - Deepstash

Key Takeaways

  • The capitalist economic model relies on free market conditions for the creation of wealth; the production of goods and services is based on supply and demand in the general market.
  • In a socialist economic model, the production of goods and services is either partially or fully regulated by the government; this is referred to as central planning, and the economic structure that is created is known as a planned economy or a command economy.
  • Most countries are mixed economies, falling somewhere on the spectrum between pure capitalism and pure socialism.

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The idea is part of this collection:

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Gross Domestic Product (GDP)

Gross Domestic Product (GDP)

  • This is the most basic indicator of the overall market value of a nation's finished domestic goods and services and the country's health and size.
  • There are two types of GDP: real and nominal. The...

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