Define the economic systems

Economics
Tutor: None Selected Time limit: 1 Day

Define the economic systems. 

Explain the three major systems that exist.

Capitalism, Socialism and Communism

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!

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.

Example:-United States

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.

Example:Denmark

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.

Example-China

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

Did you know? You can earn $20 for every friend you invite to Studypool!
Click here to
Refer a Friend
...
Oct 29th, 2015
...
Oct 29th, 2015
Dec 11th, 2016
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer