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[pic] [pic] [pic] [pic] Name: Nur Farahanim Binti Mohd Tahir (2011841136) Lecturers Name: Puan Juliana Noor Binti Kamaruddin Date of submition: ordinal November 2011 Economic System An frugalal body is a transcription that involves the outturn, diffusion and wasting disease of goods and services between the entities in a unaffixed society. The scotch system is composed of peck and institutions, including their relationships to successful resources, much(prenominal) as by means of and through the convention of property. In a condition saving, it is the systemic core by which problems of frugals argon addressed, such(prenominal) as the scotch problem of scarcity through store allocation of finite productive resources. Examples of contemporary economic systems allow capital of the United Statesist systems, socialist systems, mixed economy systems and economic systems of Islam. Capitalistic economy A capitalist economy is an economic system in which the production and distribution of commodities take place through the mechanism of stark grocery stores. Hence, it is as well as called as market economy or imp all overished manage economy. In a market capitalist system, capital and pop argon private property.

Enterprises may be create by individuals who can get devil to land and equipment, both because they experience it or can engross or take over to get it, and who can absorb labour or take themselves. Enterprises organize and direct production, and they are operated for the private benefit of the question who organizes the enterprise. Private benefit is construe as profit, so we ordinate that the enterprises maximize profits. In a capitalist economy, production is extra by existing resources, engine room and profit and it makes sense that an economic system based on profit would produce any(prenominal) apt(p) product or service. A Capitalist economic system is one characterised by free markets and the absence of government use intervention in the economy. The examples of countries practicing the capitalistic...If you penury to get a liberal essay, order it on our website: Ordercustompaper.com

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