QUESTION 21. What is economic system and their types?
ANSWER 21 . ECONOMIC SYSTEM : An economic system is an organised way in which a country allocates resources and distributes goods and services across the whole nation or a particular geographical area.
DEFINITION : According to Prof. Loucas and N. Williams, " An economic system consist of those Institution which a given people or nation or group of nations has chosen or accepted as a means through which their resources are utilized for the satisfaction of human wants.
TYPES OF ECONOMIC SYSTEM :
1. CAPITALISTIC ECONOMY
2. SOCIALISTIC ECONOMY
3. MIXED ECONOMY.