Tag Archives | Economic Systems

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

What is Economic Planning?

Get the answer of: What is Economic Planning? The fundamental purpose of economic life is the satisfaction of human wants which are basically unlimited. All the economic activities of any modern society are directed towards satisfying human needs with limited (scarce) resources. The limitation of resources forces society to make choice and allocation. Economic resources are scarce in relation to [...]

By |2017-01-13T05:55:10+05:30January 13, 2017|Economic Planning|Comments Off on What is Economic Planning?
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