Definition of the economic system
It is a system that deals with two important elements of the economy and they are the element of scarcity of resources and the element of choice between a number of other resources. This system assumes that the resources are limited and that societies have their demands greater than the available resources
The economic system is based on meeting the needs in three basic ways
Firstly, private companies that use the market as a means of providing products across producers
Second, the state's economy, in which the state provides the necessary products to the people in a number of forms
Third, the mixed economy, which is shared by the state and market mechanisms together
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