Earlier economic systems were based on customs, conventions and traditions. 1. Primitive communism or village economy To begin in very early times when man began to live in groups, a sort of crude and simple system was evolved to meet…
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MECHANISMS TO SOLVE ECONOMIC PROBLEMS – II
Economic systems An economic system is an orderly institutional arrangement evolved & adopted by human societies. It is a mechanism which a society/nation adopts to solve the economic problem. It is an institutional arrangement through which important decisions such as…
MECHANISMS TO SOLVE ECONOMIC PROBLEMS – I
Introduction: As has been seen already economic problem is universal in nature. Though over a period of time the pattern of consumption, human ideologies, social, political, economic & technological conditions have changed the crux of the economic problem has remained…
Tagged with: Economic evolution, Mechanisms, town economy, village ecomomy
Posted in General Economics
Posted in General Economics