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CramPuppy - Free Revision Notes » Igcse » Economics » Economic System

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Each society has 3 questions to answer (the basic economic questions):

What?

How?

For whom?

to produce

Economic System: the institutional (different countries answer differently) means by which limited resources are used to satisfy human wants

3 Types of Economic Systems

- Command Economy or Centrally Planned or Collectivism

- Free Market Economy or Capitalism

- Mixed Economy

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by: Admin
Total views: 1087
Word Count: 492
Date: Sun, 21 May 2006 Time: 12:00 AM
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