ECONOMIC SYSTEM

This is the arrangement for managing the
relatively scarce resources in a particular place
and at a particular time. it is sometimes refers
to as the “economy “. The three main
components of the economic system are the
people, the firms and the government. The
part played by government in the production
of goods and services is major in some
countries while it is minor in other countries.
The government regulates the activities of the
firms and individuals and may itself take part
in producing goods and services.
The economic system includes the institutional
arrangements such as rules, regulations, laws,
customs and principles for the production,
distribution and consumption of goods and
services in an economy.
The economic system has three main types,
these are :
1. Capitalist economy / Free market economy.
2. Socialist economy / Command economy /
Centrally planned economy.
3. Mixed economy.

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