Economic system concept of economy and it's function in agricultural economics
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Agricultural economics. Agricultural economics is an applied field of economics concerned with the application of economic theory in optimizing the production and distribution of food and fiber. ... Agricultural economics today includes a variety of applied areas, having considerable overlap with conventional economics.
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A capitalist economy relies on free-markets to determine, price, incomes, wealth and distribution of goods. A socialist economic system is characterised by greater government intervention to re-allocate resources in a more egalitarian way. There are also different aims of the economic systems.
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