Economies Traditional Economy‚ Command Economy & Market Economy Traditional Economy Definition A traditional economy is an economic system where customs‚ traditions and beliefs determine the goods and services created by the society. It is dependent on agriculture‚ hunting and gathering‚ fishing or any combination of the above. Also called a subsistence economy‚ it may involve use of barter trade instead of currency. Characteristics Traditional economies are often based on one
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Define traditional budgeting Traditional budget is a type of budget which uses the income and expenses from the previous year or month to predict the next month or year ’s budget. A traditional budget is easy to create since it is meant to predict a future period of finances in relation to the previous period. In most cases though‚ the traditional budget usually ends up being too rigid. http://blog.trginternational.com/trg-in-the-board-room/bid/162036/Traditional-budgeting-approach-advantages-and-disadvantages
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Abstract African traditional medication is an indigenous form of medication‚ being indigenous means that it is belonging to a particular place rather than coming to it from somewhere else. There are ongoing critics about indigenous medication due to the fact that it is not written in black and white (paper) and is conducted by illiterate individuals. However‚ this indigenous medication has healed the people of this continent from the rise of time before the arrival of the white man into the continent
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Advantages Mixed economy has got the following advantages: Rapid economic development Inmixed economy both private and public sectors work side by side. The combined efforts lead to rapid economic development. The economic resources of the economy are used efficiently. Wastages of resources are minimised. Lesser inequality of income: Right to own property is granted. Law of inheritance is also applied‚ so certain members of society grow richer and richer. Public sector in the economy tries
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Overview: Traditional View: Logistics in the US Economy (2006‚ 2007) * Freight Transportation $809‚ $856 Billion * Inventory Expense $446‚ $487 Billion * Administrative Expense $50‚ $54 Billion * Total Logistics Costs $1.31‚ $1.4 Trillion * Logistics Related Activity 10%‚ 10.1% of GNP Traditional View: Logistics in the Manufacturing Firm -Profit 4% * Logistics Cost 21% * Marketing Cost 27% * Manufacturing Cost 48% Supply Chain Management:
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driven at all costs. The reporters/anchors are not necessarily profit driven. But the outlets they use to deliver it are. An advantage is the personal political views of the media is so diversified‚ a sitting politician of any political party or ideology is kept in check‚ forced to be less corrupt‚ and is constantly checked and scrutinized for honesty. Another advantage is the resources available to the common person today‚ who can choose to verify whether a report is actually true. The media
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The Gig Economy is here to stay. Various sources agree that by 2020‚ roughly 40 percent of the work force will be made up of contingent workers‚ such as freelance or contract workers. Some people view this as a problem for workers‚ but it doesn’t have to be. It can also be an opportunity‚ assuming it is handled properly. For a long time‚ a good job was one where the company took full responsibility for the worker. A good job was full time with benefits‚ including retirement benefits. This worked
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THE ADVANTAGES OF FREE MARKET ( DISADVANTAGES OF COMMAND ECONOMY ) 1.Efficiency. free market economies are very competitive. Most of their industries are assumed to be perfectly competitive and so allocative and productive efficiency will occur.As their main aim is profit motive so free market economies allocate their resources more efficiently as compared to planned economy. Decisions about what to produce are made by the people who will actually consume the goods. Planners are less likely to
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Globalization Supporting Comparative Advantage in Economies By: Mina Sherif Samy – Group A weekends Globalization Supporting Comparative Advantage in Economies Globalization is a process fueled by‚ and resulting in‚ increasing cross-border flows of goods‚ services‚ money‚ people‚ information‚ and culture (Held et al. 1999:16). Stephen Kobrin (1997:147-148) describes globalization as driven not by foreign trade and investment but by increasing technological scale and information flows. Sometimes
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The Advantages of a Mixed Ec• A mixed economy lies between the opposite poles of a free-market economy and a centrally planned‚ or socialist‚ system. A mixed system combines capitalist and socialist elements‚ and is sometimes referred to as a "third way." Most nations‚ including the United States‚ operate mixed economies with varying combinations of capitalist and socialist features. Mixed systems offer a variety of benefits‚ including free enterprise and private ownership‚ as well as a social
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