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Economic System


Economic System refers to the arrangement whereby a country solves its economic problems. It can be described as a set of institutional arrangements aimed at employing the scarce resources efficiently to satisfy the unlimited wants of the people of the country.

Types of Economic System
There are three main types of Economic System found in the modern world. They are;
  1. Market Economic System
  2. Command Economic System
  3. Mixed Economic System

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Factors of Production and their Rewards

Type Definition Reward Land Labour Capital Enterprise All natural resources The physical and mental works of people All man made tools and machines All managers and organizers Rent Salary/Wage Interest Profit/Loss

Factors Affecting Geographical Mobility of Labour

Geographical Mobility of Labour refers to the movement of workers from one place to another place.  It depends upon; ·cost of housing ·cost of relocation ·availability of social amenities ·family ties etc

Common Barriers to Occupational Mobility of Labour

Barriers to Occupational Mobility of Labour ·Lack of natural abilities ·Lack of qualification ·Cost and length of training ·Discrimination ·Ignorance of available job opportunities
Ways to increase Occupational Mobility of Labour ·By providing training and retraining ·By organizing job centers