All economic systems are basically intended for the good of their own citizens and for the societies. However, there are vital criteria on how to judge the economic system whether it is productive or non profitable. These are abundance, growth, stability, security, efficiency, justice and equity and economic freedoms.
Abundance refers to the goods and services every individual in the society received. There should be sufficient goods and services for every consumer and they should be satisfied. If this happens then there is enough for all consumers.
Growth refers to the tangible things such as number of buildings, houses, hospitals, cars, factories and number of machineries made in a given period of time.
Stability means the absence of unemployment and inflation.
Security depends in the stability of the economy. The workers are secure and will not lose their jobs if the economy is stable and prosperous.
Efficiency is acquired by applying appropriate technology, machine, material and management.
Justice and equity refers to the equal distribution of wealth among citizens of the country. In today’s time we can say that there is no justice and equity because there is a big gap between the rich and the poor.
Economic freedom means the consumer is free to choose what kind of goods and services he wants for himself.
Debt is a scary thing, and with today’s economy it is becoming more and more frequent among the population, regardless of your class. There is, however, hope for getting out of debt. By following certain rules and exercising particular guide lines strictly, they can help your financial situation. Here are some tips that will help you, and help to pay off debt quickly.First is to assess the situation. Get an overview of your finances and determine what your income is and what your expenses are, for example: how much you make a month vs. how much you spend. It is important to be honest with yourself and include every cost, even if they are obviously not a necessity. This way you can weed out the non essentials and see just how much money you are excessively spending. Sometimes guilt by the truth is a good deterrent from excessive future spending. With this math, it is very likely that your income minus your expenses will turn up in the negative.Another one of the most useful and important tips is one people can rarely follow. That is to save up a $1,000 emergency fund, that’s finances will only be used in cases of strict emergencies.