V (1) Modern economic systems I] Centrally planned economy: The centrally planned economy is by no means confined to ancient and medieval times. In modern times, authority is used as the most powerful instrument not only for solving economic problems…
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MODERN ECONOMIC SYSTEMS – CENTRALLY PLANNED ECONOMY
Tagged with: Centrally planned economy, china, economic systems, planning
Posted in General Economics
Posted in General Economics
MECHANISMS TO SOLVE ECONOMIC PROBLEMS – III(1)
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…
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…