Citation:

Emmanuel Isak & Thomas Palanjeta. "Comparison of Different Economic Systems" International Research Journal of Economics and Management Studies, Vol. 1, No. 1, 2022, pp. 1-4.

Abstract:

An economic system means societies or governments organize and distribute available resources, services, and goods across a geographic region or Nation. It’s kind of social system. Production is a related concept of all type of economic system. All different kind of economic systems have three basic questions to ask here: what to produce, how to produce, how much quantities and whom to produce. Nowadays an economic system focused on the comparison between capitalism, socialism and mixed economy. This paper aimed to identify various economic systems, to understand the components of economic system and to analyse the merits and demerits between different economic systems. The study is mainly based on secondary data. The secondary data was obtained from published journal, articles, newspapers, magazines, books and e-books.

References:

[1] Economic Systems, Published by Mrs. Meena Pandey for Himalaya Publishing House Pvt. Ltd.
[2] https://www.britannica.com/topic/capitalism
[3] Ideas from:Economic System: Contemporary Economic Issues and Need for Transformation, Dr. A. Khan Mohamed and Dr. J. Mohamed Zeyavudheen

Keywords:

Economic System, Capitalism and Socialism