Question

Explain economic systems and resource allocation

Answer 1

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your answer is

Economic system :-
=> An economic system is also called as an economic order. It is a system of production resource allocation and distribution of goods and services within a society on a given geographic area.
Resource allocation :-
=> In economical resource allocation is the assignment of available resource to various uses.

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Answer 2

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.