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Inyang Umoh (tutor)
05-02-2016 07:15:00 +0000
It'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