Economy
The economy in a country represents both the economic system adopted by the country intersecting with the rest of the other economic elements such as resources, capital and consumption. Newspapers, news websites and television channels are almost filled with news and analyses of the local and international economy. This is primarily related to the general policies of countries and ways of dealing with the problems and challenges facing each society. Despite the great importance of the economy in the lives of peoples, the vast majority of citizens do not know the basics on which the economy is based due to their lack of knowledge of the primary concepts that enable them to see Image General economic situation in the country. In this article, we will present the basic economic concepts that can be considered a start for the interested reader to delve deeper into the field of economics.
Economic concepts and terms
market economy
It is considered one of the most famous economic systems adopted by most countries around the world, and it has gone through several stages of development since its emergence. This economic system is basically based on the freedom to trade goods. And services At prices determined by the market based on the laws of supply and demand, without state intervention except within very narrow limits to regulate commercial transactions and protect consumer rights.
Central economy
The central economic system is the first enemy of the system. market economyThis system is adopted by socialist and communist countries, while the market economy is adopted by liberal political systems. The central economic system is based on the principle of justice in distributing wealth among citizens. Therefore, the government plans and supervises economic operations, and is careful not to concentrate wealth in the hands of businessmen by establishing companies and commercial institutions that participate in the economy. There are intermediate systems between the two previous systems that many countries have begun to adopt, such as the countries of Northern Europe and Germany. In this case, the state intervenes in economic planning and the market in a partial manner that maintains the required balance in society.
GDP
It is the first expression of the state of economic activity in financial terms, and consists of the value of the total goods and services that were produced locally in A specific period of time, which is the year. Financial, and compares the increase and decrease in GDP with the results of previous years.
Budget deficit
The term budget deficit refers to the government's inability to implement economic plans in the required manner, so government expenditures exceed expected revenues. At the end of each fiscal year, the government presents a presentation of the state budget and the value of the deficit. In cases where revenues exceed expenditures, it is called a budget surplus, and is entered into Money The surplus in the new year's budget to achieve more prosperity for society.
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