Questions what is the main features of the socialist economy?

What is Supply?

Key words: price, product, market.

Supply and demand are an economic model of price determination in a market. It concludes that in a competitive market, the unit price for a particular good will vary until it settles at a point where the quantity demanded by consumers (at current price) will equal the quantity supplied by producers (at current price), resulting in an economic equilibrium of price and quantity

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    Who are economic thinkers? Give examples.
    

Key words: Xenophon, Plato, Aristotle.

Xenophon, (430-c.354 BC) Athenian peer of Plato and fellow student of Socrates, is known for his philosophical writings including Anabasis, Cyropoedia, and Memorobilia. Xenophon wrote extensively on the domestic economy in his Economist and defined the duties of a wife therein (the overseer of the home and children) and marriage as a “partnership ordained by the gods. ”Aristotle makes a distinction between use and exchange”. He believes people need to exchange goods to acquire the things they need; he believes that people who exchange goods simply to acquire a surplus of money is non virtuous. He wanted to identify how the value of goods can be determined when they are in a bundle.

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