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[pic] [pic] [pic] [pic] Name: Nur Farahanim Binti Mohd Tahir (2011841136) Lecturers Name: Puan Juliana Noor Binti Kamaruddin Date of submition: thirtieth November 2011 Economic System An frugalal system is a system that involves the outturn, dissemination and consumption of goods and services between the entities in a scanty society. The stinting system is composed of people and institutions, including their relationships to productive resources, much(prenominal) as through the convention of property. In a condition deliverance, it is the general means by which problems of economics are addressed, such(prenominal) as the economic problem of scarcity through storage allocation of delimited productive resources. Examples of contemporary economic systems include capital of the arrive at together Statesist systems, socialist systems, mixed economy systems and economic systems of Islam. capitalistic economy A capitalist economy is an economic system in which the production and distribution of commodities take place through the chemical mechanism of stark markets. Hence, it is also called as market economy or impoverished trade economy. In a market capitalist system, capital and sphere are close property.

Enterprises may be create by individuals who can get access to land and equipment, both because they own it or can rent or take over to get it, and who can hire fatigue or enlist themselves. Enterprises organize and direct production, and they are operated for the private benefit of the psyche who organizes the enterprise. Private benefit i! s interpreted as advantage, so we regularize that the enterprises maximize gains. In a capitalist economy, production is extra by existing resources, technology and profit and it makes sense that an economic system based on profit would produce any(prenominal) given product or service. A Capitalist economic system is one characterised by free markets and the absence seizure of government activity intervention in the economy. The examples of countries practicing the capitalistic...If you want to get a full essay, order it on our website: BestEssayCheap.com

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