Archive | Economic System

Economic Systems: Market and State | Economic Systems | Economics

In this article we will analyse two alternative economic systems in order to ascertain which the most appropriate one to promote economic development is. An economic system is essen­tially an institution through which competition among people for using a society's scarce re­sources is coordinated. Economic Functions of the Market and State: The market: It is an institution comprised of rules [...]

By |2017-03-04T14:07:46+05:30March 1, 2017|Economic System|Comments Off on Economic Systems: Market and State | Economic Systems | Economics

Economic System and Its different Types

The term economic system has been defined by J. R. Hicks as 'an organisation of producers to satisfy the needs of consumers'. It is a mecha­nism for tackling the two problems of scarcity and choice. Due to scarcity of economic resources, every society has to find some means of allocating resources among alternative ends or uses. In the present-day world [...]

By |2017-01-13T05:58:26+05:30January 13, 2017|Economic System|Comments Off on Economic System and Its different Types

Economic System: Nature and Functions

In this article we will discuss about:- 1. Meaning of Economic System 2. Nature of Economic System 3. Functions. Meaning of Economic System: An economic system may be defined as the sum-total of institutions and patterns of behaviour that organise economic activity in a society. In other words, it refers to the institutional and legal framework within which the people [...]

By |2017-01-13T05:55:10+05:30January 13, 2017|Economic System|Comments Off on Economic System: Nature and Functions
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