ECONOMICS SYSTEMS
CONTENT
- Definition of Economic System
- The Main Types of Economic Systems
- Free or Capitalist Economic System (Capitalism)
- Socialism
- Mixed Economy
- How Each Economic System Solves Fundamental Economic Problems of Society
Definition of Economic System
An economic system may be defined as a medium or an organized way by which the means of production in a state are utilized in order to satisfy human wants.
Every society is faced with three fundamental economic problems and these problems center on what to produce, how to produce it and for whom to produce it. Although these problems are both fundamental and common to all economies, different economic systems are being applied to solve them in all societies.
An economic system consists of those institutions which a given people, nation or group of nations has chosen or accepted as the means through which their resources should be utilized for the satisfaction of their needs.
The Main Types of Economic Systems
The following are the main types of economic systems:
(1).
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ClassHall Instructor
Halima Ahmadu
Maryam