ECONOMIC SYSTEMS

Economic Systems



Economic Systems

Introduction

An economic system is a mechanism which deals with the production, distribution and consumption of goods and services in a particular society.

Planned economy

A planned economy is one in which a central planning agency such as the government determines the economic decisions. The planned economy is better in the sense that people are less stressed due to not having to worry about their next meal or other, due to the government supplying their basic needs like housing, medical care, food, clothes, education, a job, so nobody is unemployed yet all get paid the same amount more ...