What do you understand economics systems

Meaning and definition of economic

system and economic system or economic is a system design by a nation to utilise he resource for the purpose of satisfy the needs and wants of people and economic system comprises all the institution organisation and policy mechanism by which the people of a country manage and utilise the country resource to obtain the things the need it is the network of economic relationship of resources market mechanism...

characteristic of an economic system

economic sister refer from country to country according to the nature of economic institution which a country choose for a satisfaction of peoples wants however all economics system are characters by the following feature National entity and economic system always covers entire country however more than own country my adopt the some type of economic system..

institutional and economic system

comprise various institution which innation has deviced as adopted for satisfy the news or the people household from industry government price mechanism economic planning or example of such institution.. function of an economic system determination of protection and allocation of resources are one of the fundamental function of an economic system what commodities to produce and in what quantity are the main problem of an economic system this is mainly because human wants are unlimited having alternative uses has irrational choice of funds and resource become necessary for the optimum adjustment between one and preferences on the one hand and the Limited resource on the other..

organisation of the production process

after having about the production with the next question arise as to buy whom with what means in what manner the techniques the method hard to be followed in producing goods and services are alternating method of production such as capital in Trisha techniques of production legal scale and smallest scale products Private and public underwear and cooperative organisation...