Economic Systems

As Economics deals in managing the available scarce resources, there are three basic questions that a country has to answer:

  • What to produce?
  • How to produce?
  • For whom to produce?

The answers to the above questions determine what type of an economic system that particular country has. Whatever the system a country may have, the ultimate purpose is to manage the available scare resources.
The following links will give u more details:

  1. Types of Economic Systems
  2. Advantages and Disadvantages of the market system

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