Friday, 7 February 2014

TERM OF THE DAY.....

TERM OF THE DAY.....

Economic system

Frameworks for the distribution and allocation of goods and services in a nation or society. Socialism, Capitalism, Feudalism, and Mercantilism are examples of several economic systems. A nation's choice of economic system can produce both positive and negative effects on its internal economy and economic interactions with other nations.

Example

Free enterprise is an example of an economic system where there are fewer restrictions on creating businesses, distribution of goods and services, and trade.

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