Define the economic systems

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Define the economic systems. 

Capitalism, Socialism and Communism


Explain the three major systems that exist.
Provide an example of a country for each of the systems.

Oct 29th, 2015

Thank you for the opportunity to help you with your question!

1. Capitalism economic is an economic system characterized by free markets and none government interference in the economy, for example Kenya.

2. Socialism economic system is an economy whose features are social management and regulation of means of production as well as the political theory and transfer that aims at bringing of such a system, for example Tanzania.

2. communism economic system is also referred to as command system, the state controls most of production and dictates the allocation of resources and what goods to be produced and services offered, for example Libya.

Please let me know if you need any clarification. I'm always happy to answer your questions.
Oct 29th, 2015

Hallo my dear friend, thank you for approving my work, if you have more assignments related to the same topic, or other subjects, please do not hesitate to assign it to me, am more experienced in this field.

Oct 29th, 2015

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