Socialism

The vision It is a pure command economy (also called a command-and-control economy). The government owns all the resources and makes all the decisions of what to produce with them.…

Continue ReadingSocialism

Profit & Loss

Generally speaking, activities with high monetary profits will attract more entrepreneurs than those that cause losses. In a market economy with open competition, there is a tendency for monetary profits…

Continue ReadingProfit & Loss

Interest

Interest is the amount of money paid to a lender above and beyond the return of the principal. For example, if someone lends out $1,000 and receives $1,100 back one…

Continue ReadingInterest