Type of Economic System
August 10, 2009
In a market economy system both buyers and sellers play a significant role and prices are determined through demand and supply interaction
Political economy is well meant for bringing world powers together. Find detailed on global political economy dealing with global trade, finance, and other monetary and fiscal policies.
The global economy has equipped the economy with the power to market goods and services across different countries in the globe.
In a mixed type economy, both the private ownership as well as the state takes part in the means of production, distribution and other types of economic activities.
A Capitalist Economy can be defined as a type of economic activity, where the means of production are mainly owned by the private owners. A higher degree of consumer’s freedom exists in such types of markets.
Socialist Economy is a type of economic system where the means of production and distribution are made by the public authority or the Government. Such type of economy can be defined as a centrally planned economy
Information and Communication Technology has contributed a lot in the progress of World Economy. Both international trade and commerce are highly influenced by the sector recently. Business enterprises are largely benefited from the sector. More closer terms to information economy is knowledge economy