class 12th economic system note
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CommerceList of Commerce ArticlesMeaning And Types Of Economic System
Economic System
Meaning of Economic System
An economic system is a mechanism with the help of which the government plans and allocates accessible services, resources and commodities across the country. Economic systems manage elements of production, combining wealth, labour, physical resources and business people. An economic system incorporates many companies, agencies, objects, models, as well as for deciding procedures.
Types of Economic Systems
Capitalist Economy- In a capitalist system, the products manufactured are divided among people not according to what people want but on the basis of Purchasing Power—which is the ability to buy products and services. This means an individual needs to have the money with him to buy the goods and services. The Low-cost housing for the underprivileged is much required but will not include as demand in the market because the needy do not have the buying power to back the demand. Therefore, the commodity will not be manufactured and provided as per market forces.
Socialist Economy- This economy system acknowledges the three inquiries in a different way. In a socialist society, the government determines what products are to be manufactured in accordance with the requirements of society. It is believed that the government understands what is appropriate for the citizen of the country, therefore, the passions of individual buyers are not given much attention. The government concludes how products are to be created and how the product should be disposed of. In principle, sharing under socialism is assumed to be based on what an individual needs and not what they can buy. A socialist system does not have a separate estate because everything is controlled by the government.
Mixed Economic – Mixed systems have characteristics of both the command and market economic systems. For this purpose, the mixed economic systems are also called dual economic systems. However, there is no sincere method to determine a mixed system. Sometimes, the word represents a market system beneath the strict administrative control in certain sections of the economy.
Also, Explore:
Indian Industries during British rule
Occupational Structure in Colonial India
Central Problem of Economy
Economic System
Economic Sector
The economic sector is divided into three economic sectors
Primary Sector: It is that sector which relies on the environment for any production or manufacturing. A few examples of the primary sector are mining, farming, agriculture, fishing, etc.
Secondary Sector: In this sector, the raw material is transferred to a valuable product. A few examples are construction industries and manufacturing of steel, etc.
Tertiary Sector: It is also known as Service Sector, and includes production and exchange of services. A few examples are banking, insurance, transportation, communication, etc.