What is the economy all about?

What is the economy all about?

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  • The big decisions for companies are made by their executives but these key decisions can be influenced by the rational consumer.
  • The consumer can influence the economy by purchases. Supply and demand is a prime example of such a way that the consumer can influence the economy.
  • As long as the economy is doing well, mostly everyone will have a job and also have money to spend on their wants and their needs.
  • Every economy should have competition between companies so that one company cannot have a monopoly.
  • There are multiple types of economies that can be described. The one described above is a market economy.
  • In some countries, (mostly communist ones) the government has full control over all economical decisions. This is called a command economy.
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