One would be hard pressed these days to find any defenders of the sort of full-blown economic plannification characteristic of the late Soviet Union and other Communist states, and with good reason given their economic inefficiency.

The departure from plannification is, of course, celebrated by neo-liberal champions of capitalism. Critics of unbridled capitalism are less enthusiastic about the embrace of economic markets, which are correctly seen as promoting inequalities and objectionably competitive values.

Planning a budget is essential to ensuring your income is used efficiently. It helps cut down on nnecessary spending and enables you to use your money to purchase the things you need—or want—most.

It’s easy to get started your personal money management

Economics is one of the oldest and most influential of intellectual disciplines. Practically all of the great thinkers, from Aristotle to Einstein, have tried their hand at it, and the great economists like Adam Smith, Thomas Malthus, David Ricardo, John Maynard Keynes and Milton Friedman rank among the most influential minds in our history. The economic paradigm permeates our thinking about practically every area of human activity.

Macroeconomics focuses on trying to understand events that affect the whole economy. In the fall of 2000 and continuing through the fall of 2001 there was the U.S. experienced a decline in sales, production, and employment that affected most firms and industries.

A few industries, notably housing construction, continued to do well. This kind of widespread decline in economic activity, when it lasts for more than six months, is called a recession.

When you mention the word "investment" most people think of Wall Street and the stock market, not capital investment in new plant and equipment by firms. These are two distinct uses of the same word. When someone buys 100 shares of Nike Corporation they are making a financial investment. When Nike Corp. builds a new factory or warehouse, it is making a capital investment.

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