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What are the factors of production in an economic system?
The factors of production in an economic system describe functions the resources do. Economic resources are labor, land, enterprise, and capital.The government controls the factors of production in each economic system.
What is the meaning of economy?
The system or range of economic activity in a country, region, or community.
Which economic system does the United States have?
The US has a mixed-market economic system.
What is the most common economic system in the world?
Mixed economic systems combine elements of market and command economies. It is currently the most common economic system.
Economic system based on industrial production?
industrial capitalism
Economic system where production operates for the public good?
Socialism
In which economic system does the government own the means of production?
command
What are the Functions of economic system?
The four functions of economic systems; Production, Allocation, Distribution and Regeneration.
What is economic systems jntu kakinada topics?
An economic system is a mechanism which deals with the production,distribution
What are the functions economic system?
The four functions of economic systems; Production, Allocation, Distribution and Regeneration.
Define economic system?
is the system of production,distribution and consumption of goods and services of an economy
Do economic resources include both production and the factors of production?
Yes, the means of production, and the system that supports it, are all resources.
