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Types of Economic Systems
Economics
Inyang Umoh (tutor)
05-02-2016 07:15:00 +0000It's important that you be able to distinguish between various types of economic systems.
When we say 'economic systems' we are talking about how the economy of a country is organized.
- How are good produced?
- How are resources allocated?
- How are goods and services distributed?
- What rules should govern trade?
These are the core concepts that economics systems try to address.
Types of economic systems
The 3 main types of economic systems are:
- Socialism : where the means of production are owned by the group (often the whole society or the government)
- Capitalism : where the means of production are owned by private individuals
- Mixed economies: a combination of both.
You may also see mention of traditional economic systems as a 4th. In traditional economies, the means of production are governed by traditional beliefs.
Is Nigeria a capitalist, socialist or mixed economy? Give examples to support your answer
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Admin Admin
@adesanya, @collins, @helen give examples to support your answer
0 05-02-2016 07:51:00 +0000
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Emmanuel Adenekan
nigeria is mixed economy because we have both capitalist and socialist
0 05-02-2016 13:43:00 +0000
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Olorunda joy
Nigeria is a mixed economy because capitalism socialism is wat will deal with here in Nigeria
0 05-02-2016 20:34:00 +0000
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badmus mubarak
Nigeria is a mixed economy because we operate in both socialism nd capitalist way. for example dangote is capitalist economy while phcn is a socialist economy
0 09-02-2016 08:26:00 +0000
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