Login or Register to View User(s) Profile
This user will not be able to follow you or view your post, and you will not see post or notification from this user
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
Adesanya Yewande Adewunmi
Nigeria is a mixed economy
05-02-2016 07:17:00 +0000
05-02-2016 07:20:00 +0000
Nigeria is a mixed economy.
05-02-2016 07:43:00 +0000
@adesanya, @collins, @helen give examples to support your answer
05-02-2016 07:51:00 +0000
05-02-2016 08:47:00 +0000
nigeria is mixed economy because we have both capitalist and socialist
05-02-2016 13:43:00 +0000
05-02-2016 14:53:00 +0000
Nigeria is a mixed economy because capitalism socialism is wat will deal with here in Nigeria
05-02-2016 20:34:00 +0000
09-02-2016 06:52:00 +0000
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
09-02-2016 08:26:00 +0000