Inflation in Pakistan

ECONOMIC SYSTEM   An  e conomic system  is a system  of production , resource allocation , and distribution  of goods and   services  within a society  or a given geographic area. It includes the combination of the various institutions,  agencies, entities, decision-making processes, and patterns of consumption  that comprise the economic structure of a given community. TRADITIONAL ECONOMY:  The traditional economy relies upon customs, history, and time beliefs. Traditional economy is dependent upon production and distribution. Societies with traditional economies trade in agriculture, fishing, hunting, gathering, and other combinations of them. They use bartering instead of money.   COMMAND ECONOMY: A command economy also known as a planned economy is one in which the central government plans, organizes, and controls all economic activities.   Command economies do not allow market forces like supply and demand to determin...

COP27 The UN COP27 summit takes place on the frontlines of the converging climate, food, energy, health and debt crises. This presents a need and opportunity like never before to galvanism immediate, on the ground action in the countries that most need it. The summit, in Egypt in November, comes in a year of new weather extremes, food shortages, fossil fuel price spikes and a rising cost of living, with Russia’s fossil fuel financed war on Ukraine further stoking the crises.  This year, Africa has seen floods and storms kill hundreds of people across the south, triggering electricity shortages, disrupting freight operations and devastating homes and livelihoods. Meanwhile, drought has caused famine for millions of people in the Horn of Africa. Here is what you need to know about Africa’s COP27, and how it could spur action towards sustainable food systems and climate adaptation and mitigation. What happened at COP26 and what needs to happen at COP27?   COP26, in Glasgow i...