ECONOMIC SYSTEM

 

  Economic system refers to the institution arrangement that governs the mass of productions, distribution, and consumption of goods and services in the country.

Types Of Economic System
1. Capitalism.
2. Socialism.
3. Mixed Economic. system
1. Capitalism: This is an economic system in which the means of production and distribution of goods and services are controlled by private individuals. It is also known as Free Market economy, Uncontrol Economy, Laissez - Faire Economy.
Examples of countries which practice Capitalism include; USA, Japan, Australia, France, Italy. And note the motive behind Capitalism is to make profit.
2. Socialism: This is an economic system in which the means and distribution of goods and services are controlled by the government. Socialism can also be called Regulated Economy, Command Economy, and Centrally Planned Economy.
Examples of countries that practice Socialism Economy are North Korea, China, Russia, Cuba, Poland, Romanian.
3. Mixed Economic System: This is an economic system in which means and distribution of goods and services are controlled by both the government and private individuals. It is a mixture of elements of both Capitalism and Socialism.
Examples of countries that operate mixed Economic System are: Britain, Egypt, Peru, Tanzania, Nigeria, Kenya, Mexico.

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