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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, distribution and consumption of goods and services between the entities in a extra society. The economic system is composed of people and institutions, including their relationships to productive resources, much(prenominal) as through the convention of property. In a condition economy, it is the systemic means by which problems of economics are addressed, such(prenominal) as the economic problem of scarcity through storage allocation of finite productive resources.

Examples of contemporary economic systems include capital of the United 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 mechanism of stark markets. Hence, it is also called as market economy or impoverished trade economy.

In a market capitalist system, capital and land are private 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 labour 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 is interpreted as profit, so we regularize that the enterprises maximize profits.

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 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: Orderessay



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