Market System

Essay specific features

 

Issue:

History

 

Written by:

Kathleen Z

 

Date added:

March 25, 2014

 

Level:

University

 

Grade:

A

 

No of pages / words:

8 / 2195

 

Was viewed:

2931 times

 

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Essay content:

An economic system can be defined as a basic means of achieving economic goals which is inherent in the economic structure of a society (B.B.G Dictionary of Business Terms, 1987). The major function of an economic system is to work out the basic economic problems which are; *What is to be produced, *How is it to be produced, *For whom to produce and *How efficient is the use of resources...
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These economic problems are caused by the fact that resources are limited but human wants are unlimited. Therefore, every country desires to adopt an appropriate system which will result in efficient allocation of resources so as to avoid scarcity. There are three major systems adopted which are; Command Economic System, Mixed Economic System and Free Market Economic System...
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