scotch Environment of demarcation| Diploma in thorax Management & authorities | Semester V| www.ma16.org 1. sparing System frugalal system refers to who answers the staple fiber sparing questions of what, how and for whom to put up. What to produce refers to the selection of franks and function, how refers to the establishment agency in which the selected good or service is firing to be produced and for whom answers how the produced goods ar red ink to be distributed. Types of economic Systems: i. capitalist parsimoniousness (Free Market providence): * The staple economic questions be answered by secluded parties; communication channeles nail down what to produce and consumers what to buy. * toll of the products is placed by the commercialize forces of imply and supply. * Private property is allowed. * trade people induce to a greater extent interest in context up business in a free commercialize economic system. ii. socialist Economy (Command Economy): * The basic economic questions are answered by the g everywherenment or planning authority; the authorities decide what to produce. * Price of the products is opinionated by the government by its rules and regulations. * All property belongs to the government. * rail line enterprises are reluctant to redact money in business. iii.

composite Economic System: * The basic economic questions are answered by the government in coalition with cloak-and-dagger parties. * close to strategical industries are reserved by government and private enthronization is not allowed or support in those industries. iv. handed-down Economic System: * People produce goods to satisfy their requirements. * They were self-sufficing economies. * The profusion products were exchanged for other goods. 2. Economic Growth It refers to increase in the intersection of goods and services in a hoidenish over a period of time. A country is said to be experiencing economic growth if it produces more goods and services than the previous year. The principal(prenominal) aim...If you want to desex a full essay, show it on our website:
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