Question

What two factors are used to classify political economies? Explain how they help to differentiate political economies.

Answer 1

Answer:

Political economy is the study of production and trade and their relations with law, custom and government; and with the distribution of national income and wealth

Explanation:

Answer 2

Answer:

The term political economy is derived from the Greek polis, meaning “city” or “state,” and oikonomos, meaning “one who manages a household or estate.” Political economy thus can be understood as the study of how a country—the public's household—is managed or governed, taking into account both political and economic ...