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[pic] [pic] [pic] [pic] Name: Nur Farahanim Binti Mohd Tahir (2011841136) Lecturers Name: Puan Juliana Noor Binti Kamaruddin Date of submition: ordinal November 2011 Economic System An frugalal system is a system that involves the outturn, dissemination and consumption of goods and services between the entities in a duplication society. The sparing system is composed of people and institutions, including their relationships to productive resources, much(prenominal) as through the convention of property. In a condition frugality, it is the systemic means by which problems of economics are addressed, such(prenominal) as the economic problem of scarcity through storage allocation of mortal productive resources. Examples of contemporary economic systems include capital of the join Statesist systems, socialist systems, mixed economy systems and economic systems of Islam. capitalisticic economy A capitalisticic economy is an economic system in which the production and distribution of commodities take place through the appliance of stark markets. Hence, it is also called as market economy or impoverished trade economy. In a market capitalist system, capital and add are hush-hush property.

Enterprises may be create by individuals who can chafe access to land and equipment, both because they own it or can rent or take over to get it, and who can hire lying-in or enlist themselves. Enterprises organize and direct production, and they are operated for the private benefit of the psyche who organizes the enterprise. Private benefi t is interpreted as earnings, so we regula! rize that the enterprises maximize attains. 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: BestEssayCheap.com

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