An economic system is comprised of the various processes of organizing and motivating labor, producing, distributing, and circulating of the fruits of human labor, including products and services, consumer goods, machines, tools, and other technology used as inputs to future production, and the infrastructure within and through which production, distribution, and circulation occurs
There are three kinds of economic system which are basically adopted by the different countries. They are: Free market, centrally planned, mixed market.
1) Free market economic system:
The intervention of government is kept at a minimum level or neglected in free market system and all the economics resources comes under the private sectors as well market. Price mechanism will determine how much of goods or services will be supplied according to the market demands. Most decisions are based on market mechanism. The supply, demand and ability play the vital role in market decision making. As per looking at the free market system it raises the various unsolved questions like who will produce the goods and services and infrastructures for the country to meet the needs of every public.
2) Centrally planned economy system:
Centrally planned economic system refers that government allocates the economic resources; government makes all the planning regarding the economical activities. Private sectors are kept far away in involvement of any economical accumulation. These kinds of economics were found in the Asian, central Europe, Eastern Europe and Latin American nations but now a days these are found in Cuba, Iraq, Iran, North Korea etc. In these systems basically unemployment problems will not be faced since government plan all the economical activities and resources will be allocated based needs of its people and different industries inputs.
3) Mixed economy system:
This system is a mixture of all other system. The system where both capitalism and socialism economic system are included it is known as mixed economic system. In this globalizing world most of the countries are obtaining this economic system. Mixed economic system splits the available economic resources available in the country to both private sectors and government. Private sectors are encouraged to get involved and participate in utilizing the resources which helps to gain economic profit for whole nation. Countries like USA, UK, Russia and China to countries like Cambodia, Peru and Vietnam has adopted this economic system. When one fails to meets the public desire other can get it and helps to maintain the economic balance not only in the particular country but also the whole nation.
Resources native to a particular station often times can not flourish in another. Relocation may not be cost effective and may result in complete lost of resources.
Explain the economic characteristics of the command
Describe and explain how a rational consumer with a fiven income and taste can allocate his income among the available goods and services
The basic economic question faced by all economists: How to satisfy unlimited needs and wants, when resources are limited.
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time, energy,skills, imagination,family and friends
Resources native to a particular station often times can not flourish in another. Relocation may not be cost effective and may result in complete lost of resources.
Explain the economic characteristics of the command
Describe and explain how a rational consumer with a fiven income and taste can allocate his income among the available goods and services
Explain the ocean resources in detail.
This is performed through the use of advanced software. The software is used to track specialized sales of all types that a business performs. By tracking these sales a business can better allocate their resources.
The basic economic question faced by all economists: How to satisfy unlimited needs and wants, when resources are limited.
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Scarcity is our limited resources but unlimited wants. Our resources are limited by the 4 factors of production - land, labour, capital and enterprise. The problem of scarcity is that our wants are always beyond what we can produce with our resources. porn
economic system
Economic problem is the problem regarding allocation of limited resources for the production of alternative goods and services. in other words, economic problem is the 'problem of choice'. Since the resources are scarce and they have alternative uses, there arises the problem of choice regarding the use of these resources. The law of scarcity states that goods are scare because there are not enough resources to produce all goods that people want to consume. Thus, Economic Problem is the 'problem of relative scarcity' and the 'problem of choice' arising therefrom.The basic economic problems of an economy are given below:What to produce and how much to produce?How to produce?For whom to produce?Problem of fuller utilisation of resources.Problem of efficiency in utilisation of resources.Problem of economic growth.
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