Economic Systems

Economic Systems are various methods by which countries have structured their economies. The earliest economic systems were based on simple bartering, whereas modern economics has nuances between laissez-faire and free market on one edge of the spectrum and communism or centrally-planned economies on the other.

2,431 Questions
Economic Systems

What economic system does India have?

The Indian economy is the world's twelfth largest according to market exchange rates. It is also the fourth largest economy by purchasing power parity (PPP) basis. From 1947 to 1991, the India Economic System was based on social democratic-based policies. The policies feature protectionism, extensive regulation and public ownership which led to slow growth and corruption.

But the economy has moved to a market-based system with economic liberalization starting in 1991. The growth rate of the economy increased in 2000's with healthier economic reforms and policies. India became the second-fastest growing major economy in the world by 2008.

In economic terms, India has a Mixed Market Economy - it uses a variety of government regulations to control the economy, but relies primarily on market forces to set pricing and demand and uses the general principles of capitalism.

Economic Systems

What is the economic systems of wales?

It has its own assembly and is a constituent country of the United Kingdom.

Ancient Egypt
Economic Systems

Economic System of ancient Egypt?

Well the wealthiest people would be the pharohs and they would have gold, gold statues, precious stones, and gems. All others would be on the relatively poor side and would work to please the pharoh by building pyramids (as If they were slaves).

Hope this helps...

Economic Systems

What is the name of our economic system?

Capitalist Mixed Economy

Economic Systems

What is the function of an economic system?

to produce and distribute goods and services

Economic Systems

What are the goals of economic system?


History of the United States
Economic Systems

When did slavery become a part of the economic system of the US?

April 13, 1917

Economic Systems

What are the problems of economic system of Nigeria?

Oil-rich Nigeria, long hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management, is undertaking some reforms under a new reforms-minded administration.

Economic Systems

Which economic system centers on trade?

The capitalist system or "market economy" uses trade. You earn money where you want and use it to buy what you want (trading money for goods). It is possible that the question is looking for an answer of a "barter economy" where people trade goods and services directly without the use of currency (I give you 1 cow for 5 sheep).

Countries, States, and Cities
Economic Systems

What is the most wasteful country?

It is most likely the most wasteful country is the most polluting country, in which case this is China (there are no official statistics to countries based on their amount of waste).

Economic Systems

A historian who compares the expansion of political systems to the expansion of economic systems is organizing history by?


Economic Systems

What are the pros and cons of traditional centrally-planned and free market economic systems?


Pros: Family support and communal division of resources

Cons: No individuality and dependence upon nature

Free Market:

Pros: Free enterprise and more diversity

Cons: Based on human chance and private property can cause contention


Pros: Extremely controlled economy and there is an even distribution of goods produced

Cons: It can be taken advantage of and opportunity cost.

Pearl Harbor
Japan in WW2
US in WW2
Economic Systems

How did the attacks on Pearl Harbor affect the political and economic systems of the US?

Pearl Harbor, by giving Roosevelt the green light to bring the US directly into World War II, concentrated power in the hands of the federal government. This happens in all wars. No government can wage war without greatly reducing the freedom of its people. After the war, many of the freedoms Americans lost were returned to them. But inevitably the government did not return to its pre-war size. A government grows after every war and crisis. For more information read "Crisis and Leviathan" by Robert Higgs.

Economic Systems

What is the economic system of Mexico?

Mexico has a mixed economy dominated by free market companies with some key industries owned by the government. Of special importance in this regard are the oil and electricity industries.

Economic Systems

What type of economic system does China have?

China once had a socialist, planned economy where the government (one party) controlled and owned all the means and methods of production. China currently has a very strange mix of socialist, capitalist, and communist ideas for their economy. It is unique in the world, and often really defies categorization.

While many capitalist ideas are in place, several core tenets of capitalism do not exist (sanctity of contracts, private property ownership). Likewise, far too many communist ideas are being ignored (allowing private collection of wealth, private ownership of external (foreign) investments allowed) for it to be considered Communist.

United States of America
Economic Systems
United States

What type of economic system does the US have?

Typically, people will argue that the US has a CAPITALISTeconomic system, but the US actually has a mixed economy with some aspects of capitalism, some aspects of corporatism, some aspects of socialism, and some aspects of regulatorily-managed economics.

Economic Systems

What are the merits and demerits of an economic system?

What are the merits and demerits of an economic system?

Business & Finance
Economic Systems

What is the main functions of Money in economic system?

Money is often defined in terms of the three functions or services that it provides. Money serves:

1. As a medium of exchange

2. As a store of value, and

3. As a unit of account

Economic Systems

What is a sentence with the word economic system in it?

People use an economic system to make and exchange goods among others.

Economic Systems

An economic system in which a free market prevails?

capitalist system

Economic Systems

What type of economic system does Russia have?

Russia is an industrialized Capitalist economy, with some state regulations, similar to most of Europe. The majority of business are in private hands. There are stock exchanges etc. But there is a strong control of business from outside the government. It is a mixed economy

Economic Systems

What type of economic system does Italy have?

It is a mixed economy.

Economic Systems

What are three main economic systems of the world?

Communism, capitalism, and socialism.

Economic Systems

Economic systems differ according to what two main characteristics?

Answer: Who owns the factors of production, and the methods used to coordinate economic activity.

Economic Systems

What are the three basic economic systems?

1. What goods and services should be produced? (goverment,producer, consumer)

2. How should these goods and services be produced? (goverment, producer, consumer)

3. For whom should the goods and services be produced?(goverment, producer, consumer)


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