DIFFERENT TYPES OF ECONOMIC SYSTEMS
An economic system serves as a regulatory system for controlling different aspects of production and distribution, including capital, labor, land and other physical resources. In an economic system, there are many essential entities, agencies and decision-making authorities. Additionally, economic systems typically follow patterns of use and consumption that make up the structure of society and communities.
- Economic systems are the methods societies and governments use to organize, allocate and distribute goods, services and resources across locations………
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