PPF is the boundary between productions levels wean attain and cannot attain, Opportunity cost is the highest valued alternative forgo, Production efficiency, Trade Off.
Freedom of individuals to work produce, sell and consume. Here private ownership is widely. No religious or metaphysical bar or regulation for the individuals.
No private ownership is seen in socialism the govt’ operate all necessary goods and service production. Income distribution is balanced and equal.
Welfare economy is a combination of capitalism and socialism. It was developed by the western countries to face the challenge of socialism. The main objective of welfare Economy is to abandon Laissez-Faire principles of capitalism. It is essential to examine the effectiveness of these tools in the realization of its goals (Regulation, Nationalization, Labor movement, Fiscal policy, High Employment).
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