Some benefits of capitalism include efficient production, economic growth, political and economic freedom, and efficient allocation of resources. Many believe that capitalism offers a better alternative to other economic... More »

Scanners allow people to digitize documents. They can also scan images, allowing artists to work with non-digital media instead of having to work using digital techniques. Scanners are helping companies adjust to paperle... More »

"Absolute advantage" is an economics term that refers to the ability of a person, firm or household to produce a good or service with less input than any other person, household or firm. It is different than a comparati... More »

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The four basic rights of capitalism include: the right to private property, the right to own a business and keep its profits, the right to freedom of choice and the right to freedom of competition. Freedom of competition... More »

Business, which one could refer to as economics, is important to society because it fundamentally deals with the allocation of resources throughout the world. These resources always suffer from scarcity, in that there wi... More »

According to Investopedia, microeconomics is the study of decisions made by people and businesses regarding the allocation of resources and prices of goods and services, while macroeconomics is the study of the behavior ... More »

Economics is a social science because it examines the social behavior of human beings with regards to allocation of scarce resources in order to meet the needs of each individual in the society. Economics does not only i... More »