TRCB - Member Profile - Khalid Aziz

Home: Authors: Khalid Aziz

Status: Member since February 2, 2009
Location: Pakistan
Articles: 6 Active Articles, resulting in 23766 views
Feedback: 1 comments on these 6 articles

Capitalism is an economic system, in which the means of production like farms, factories, land, labour, capital and organization etc are owned and managed by the private individuals and companies. They are called capitalists.
The followers of Islam are required to lead a material life in such a way that it becomes a source of happiness and prosperity in the existing world.
Communism is the economic system in which not only the means of production are owned by the state but there is also restriction on the ownership of the private property.
Socialism is an economic system in which the means of production are owned and managed by the state. Economic activities in this system are not motivated for the personal gain, therefore the govt work for social gain and for the welfare of whole nation.
The study of macroeconomic variables is indispensable for understanding the working of the economy. Our main economic problems are related to the behaviour of total income, output, employment and the general price level in the economy.
Entrepreneur's job is to combine the factors of production. Knowledge of economic laws and principles enables him to have an ideal combination of the different factors of production.