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Economic systems:An economic systems is a system of production and exchange of goods and services as well as allocation of resources in a society.
The three major systems are
a)Capitalism:-It is called market economy.It generally features the private ownership of the means of production and the market economy for coordination.
b)Socialism:It is a type of economy where government controls the economy.A socialist economic system is based on some form of social ownership of the means of production, which may mean autonomous cooperatives or direct public ownership; wherein production is carried out directly for use.
c)Communism:-Communism, also known as a command system, is an economic system where the government owns most of the factors of production and decides the allocation of resources and what products and services will be provided.
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