Historically, no nation has ever had a completely authentic free-market economy. In this sense, it is purely a theoretical concept. However, given contemporary usage by economists and other specialists, such as those at ... More »

A closed economy refers to an economic system which does not have business relations with any economies outside its own system. Closed economies employ barriers to the trade of goods and services, monies and intellectual... More »

A custom-based economy, also known as a traditional economy, is an economic system that is based on combinations of either agriculture, fishing, hunting or gathering. The economic system heavily relies on customs and tra... More »

According to the Houston Chronicle, advantages of a free market economy include freedom of innovation and the ability of customers to drive choices in addition to disadvantages such as the danger of the profit margin and... More »

A government budget deficit can affect the economy in many ways, most notably it may force the government to print more money to finance the deficit, decreasing the value of the nation's currency. However, running defici... More »

The study of macroeconomics helps create an overall idea of the state of a nation's economy. As the world is shifting toward a global economy, this could be very beneficial in devising ways for stabilizing troubled econo... More »

Banks play an important part in a nation's economy by providing a safe foundation for individuals and businesses to invest or deposit their money, which allows the bank to use the money in its possession for loans. The a... More »