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 ?
Shariah-compliant sectors are central to the Islamic economic system and attract the most investment - thereby facilitating an Islamic economy-friendly environment," he said.
Many studies of the post-communist economic transition have focused on economic reforms, which are the means of attaining changes in the organisation of the economy, while the literature has dwelt less on the implicit choice of economic system and the institutional and structural goals.
He urged the Ulema to present the alternate economic system against Riba with an aim to ensure economic equality for the masses.
Throughout the years, the Islamic Economic system has proved itself to be a more efficient system than other economic systems.
No wonder that the adoption of the Islamic economic system constitutes a key factor for economic growth, creation of jobs and new initiatives in cooperation among local, Islamic and international institutions.
The Finance Minister said Islamic banking system is transparent and expressed the resolve that Islamic economic system will be spread across the country.
Economic systems are operated by people and should be based on principles of freedom and dignity, he said.
The poll found that 65% of Americans thought the economic system "unfairly favors powerful interests.
Our greatest achievement appears to be the ability of our economic system to create incredible wealth for a small minority of the population, Mander argues.
Capitalism is an economic system that believes in private ownership and in the production of goods and services for profit.
As such, they would have no qualms with seeing the downfall of corporate capitalism -- and its supporting institutions -- and its replacement by an economic system that treats them with dignity, that pays them a living wage and whose means of production serve the societal interest, not the interests of the uber-rich and upper-income groups.
He called for the independence of the CBI according to its present law and stops all campaigns against it, because they will affect negatively on the economic system and create new crises.