economic system

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economic system

a mechanism for tackling the twin problems of SCARCITY and CHOICE. Because economic resources are limited relative to society's demand for goods and services, some means of allocating resources between alternative ends is required. In the modem world, three basic allocative mechanisms perform this function: PRIVATE ENTERPRISE ECONOMY, in which resources are allocated through markets; CENTRALLY PLANNED ECONOMY, in which resources are all allocated by the state; MIXED ECONOMY, in which resources are allocated both by the market and by the state. See NATIONALIZATION, PRIVATIZATION.
References in periodicals archive ?
The fundamental task of economic science is the development of models describing the functioning of the world economic system. Scientists have proposed both general theories describing the economy as a whole (see Blaug, 1985) for a review of these theories) and specific models that explain individual economic processes (Allais, 1977; Arrow, 1963; Debreu, 1952, 1962, 1970; Friedman, 1968; Harsanyi & Selten, 1988; Kantorovich, 1939; Koopmans, 1960; Koopmans & Montias, 1971; Lucas & Prescott, 1971; McFadden, 1986; Nash, 1951; Simon, 1959; Tinbergen, 1956; Tobin, 1955).
Every economic system of the world is different from other economic systems prevailing in the world, due to its distinct features.
They should study various economic systems and their relevance to underdeveloped countries like us.
Bohle and Greskovits (2007) categorise the economic systems that resulted from 15 years of reform in Central and Eastern Europe.
Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum said that the Islamic Economic system offers a real opportunity for finding new ways of managing economic, commercial and financial growth.
He said world's leading economic systems have already admitted their failure to deliver and now onwards Islamic economic system should be implemented for better progress and prosperity of people.
"An economic system is a theoretical piece of work unless we put people into it," Zahra said.
Capitalism is an economic system in which the means of production are privately owned and operated for profit, usually in competitive markets.
Writing for engineers and managers concerned with the systems engineering and management of systems that are generally information technology intensive, Sage (George Mason U.) and Rouse (Georgia Institute of Technology) introduce the fundamentals of economic systems analysis and assessment.
However, we have different political, social and economic systems in India as compared to China," he added.
It is pathetic to hear national and international politicians bickering about the economy and how major change will disrupt our economic systems when maintaining these economic systems will entirely disrupt the ecological systems that are necessary for our existence.
The comparative study of economic systems should ask three basic questions: What is an economic system?