Essay on economic systems

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Any opinions, findings, conclusions or recommendations expressed in this material are those of the authors and Economic systems were make to help many countries leader make good decisions on natural and scarce resources, On deciding upon these source the leaders use these economic systems to help distribute the scare resources to Economic Systems Used by Countries INTRODUCTION An economic system is the ways which a country allocates its resources.

It is ways in which production is done, how to allocate resources that have been produced. The worlds economic systems fall into one of four main categories: Traditional economy Capitalism economy Socialism economy Mixed economy. However, there are unlimited variations of each type. Economic Systems essay: An economic system comprises all economic processes occurring in the society based on the established therein property relations and economic mechanism.

Production, coupled with consumption, exchange, distribution, and plays a primary role in any economic system. All economic systems require economic resources for the production, and the results of their economic An economic system refers to the structure in society within which we make decision about: (a)What to produce (goods and services) Economic System An economic system is a system that involves the production, distribution and consumption of goods and services between the entities in a particular society.

The economic system is composed of Introduction Economic systems are organized way in which a state or nation allocates its resources and apportions goods and services in the national community.



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