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What Is Economic System?
An economic system can be defined as planning, organising, and distributing goods, services along with the available resources by the society or government. Of factors of production involved in economic system Our Land capital differ and resources which helps the entire system to work effectively and efficiently.
What Are The Types Of Economic System?
We all know that we're living in the 21st century where we are experiencing a modern economy along with various complexities. All of us are interlinked with economic life on individual basis. Similarly, there is a wide range of economic systems. Let's see and discuss some of the most important and widely used types of the economic system.
Market Economics is defined as a situation of the market where buyers and sellers are brought together for the exchange of goods and services. In this specific economy which is called a market economy, economic decisions are made based on the markets. It is entirely based on the private Enterprise where the factors of production are owned by private individuals or a private group of individuals.
A planned economy is also known as an economy where certain rules and regulations are set for the market to operate. In this specific economic system, the entire factors of production along with the resources are owned by the government and production of goods and services are entirely based on the decision of the government. It is a decision of the government in plant economies that what will be the methods of production and how much to be produced or be paid.
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