economic system

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Economic System : 

Economic System Capitalism, Socialism and Mixed Economy

What is Economic System : 

What is Economic System

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An economic system is a consolidated form of different economic institutions. The institutional framework regulating the environment on economic basis.

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Elements of economic system- People Resources Reward Regulation Institutions

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Types of Economic System- Capitalism Socialism Mixed Economy

Capitalism : 

Capitalism

What is Capitalism? : 

What is Capitalism? Economic system under which all firms, factories and other means of production are the property of Private individual and firms. “A system of economic organisation featured by the private ownership”

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THIS IS THE OLDEST ECONOMIC SYSTEM IN THE WORLD. COUNTIRES LIKE BRITAIN, FRANCE, AMERICA AND GERMANY ETC. have such system.

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THIS IS THE OLDEST ECONOMIC SYSTEM IN THE WORLD. COUNTIRES LIKE BRITAIN, FRANCE, AMERICA AND GERMANY ETC. have such system.

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Capitalism was the predominant economic system till 1917. it is also named as free enterprise system.

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ADVANTAGE OF CAPITALISM- INCREASE IN PRODUCTION HIGH STANDARD OF LIVING TECHNOLOGICAL PROGRESS FLEXIBILITY LIBERTY

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DIS ADVANTAGE OF CAPITALISM- REGIONAL INEQUALITIES NO WELFARE OF THE SOCIETY UNEMPLOYMENT MONOPLIES

Socialism : 

Socialism

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Introduction- First time it is introduced USSR after the revolution of 1917. Under this system govt. holds the ownership of the sources of production as well as in all economic activities.

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Features OF Socialism- Govt. ownership Central Planning Social welfare lack of competition emphasize on equal economic as well as social growth reduction in class distinction

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Merit OF Socialism- Greater economic efficiency a planned economy rapid economic growth greater freedom research & development

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Demerits OF Socialism- unreal work Loss of efficiency Loses of freedom misallocation of resources

Mixed Economy : 

Mixed Economy

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Introduction- It is the mixture of capitalism and socialism. India follow the same system. Under this system govt. allocate the different-2 economic activities according to their importance.

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Features of mixed economy- Division of public and private sector. Government control Protection of labor Reduction of economic inequalities Freedom of consumption Free for Choice of occupation

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Merits of mixed economy- Economic stability Proper allocation of resources Rapid economic development Equal distribution of income and wealth Foundation of innovative levels

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De Merits of mixed economy- Conflict between two sectors Maximization of Un real work Un disciplined work Sign of weakness