Back to Course

SS2: ECONOMICS - 2ND TERM

0% Complete
0/0 Steps



  • Do you like this content?

  • Follow us

Lesson Progress
0% Complete

Definition of Economic System

An economic system is a process by which economic decisions are made. It explains what to produce, how to produce, and for whom to produce. We have different types of economic systems Capitalism, Socialism, Mixed economy.

Economy is the control and management of economic resources which deals with means of production and commercial activities. The economic sector involves the economic activities of production of goods and services. 

Responses

Your email address will not be published. Required fields are marked *

back-to-top
error: