Economic System

Tuesday, February 05, 2013

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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