You’ve probably learned about different economic philosophies in history class, whether that be socialism, capitalism, or communism. These economic philosophies influence what economic system countries instill into their doctrine and how each nation runs their economy. Since different beliefs do exist, countries can differ from one another when it comes to economic systems. In fact, there are three types of economic systems mainly used throughout the world: market, command and mixed. All of...

For a long time now, the word “recession” has been constantly ringing in our ears. Whether it may be Fox, CNN, or the Wall Street...