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 word "banking" refers to the particular mechanism in the present economic system and people are very much familiar with this word.
The subject of the public contract is the provision of application support and development services to the sap economic system, including related services and activities, with a detailed specification of the subject of the public contract being set out in attachment no.
On this occasion he said research should be carried out on Islam's Economic System, while Islamic Economic System leads to well being of the each and every individual of any society.
Al-Draiweesh said that research should be carried out on Islam's Economic System, while Islamic Economic System leads to well being of the each and every individual of any society.
This methodology for analyzing the state of the world economic system is fundamentally different from the approaches currently applied in this area.
"The principles that the traditional economic system has so far rested upon and in which nature and man are treated as resources in the creation of profit and economic growth led to the exponential economic and technological development of mankind but also to catastrophic consequences for nature and man.
Speaking to various delegations of BAP the other day, the general secretary said the new form of the economic system should be based on the betterment of people.
Keywords: Islamic Economic System, Falah, Zakat, Value Based Economics, Third viable Alternative
'Interest' is the heart of all economic systems. It is only Karl Marx who did away with interest.
Keywords: Economic development, globalization, Long March, Great Famine, Open Door Policy, Great Leap Forward, Marxism, Chinese Imperialism, Lysenkoism, Chinese Economic System, Great Sparrow Campaign
Among them are a contribution to the critique of Karl Marx's economic system (1894), the prehistory of Marxian economics (1911-12), on the history of the theory of value (1903), the psychological tendency in recent political economy (1892), and the dialectical development of categories in Marx's economic system (1929).
This paper discusses the economic reforms and the resulting economic system of the Baltic states and seeks to explain the choices of the countries.