2.0 DEFINITION OF ECONOMIC SYSTEM
An economic system refers to the structured way in which a society allocates its resources, produces goods and services, and distributes them among its members. It encompasses the methods and principles that govern economic activities and decision-making.
2.1 TYPES OF ECONOMIC SYSTEMS
- Capitalist Economy (Free Enterprise): An economic system where private individuals own and control resources and businesses.
KEY FEATURES OF CAPITALIST
- Economy: Market-driven prices based on supply and demand.
- Minimal government intervention.
- Profit motive encourages innovation and efficiency.
- Socialist Economy (Centrally Planned): An economic system where the government owns and controls resources and production.
KEY FEATURES OF SOCIALIST ECONOMY
- Centralized decision-making for production and distribution.
- Prices set by the government.
- Focus on equitable distribution of wealth.
- Mixed Economy: An economic system that combines elements of both capitalism and socialism.
KEY FEATURES OF MIXED ECONOMY
- Coexistence of private and government ownership.
- Market forces influence some sectors, while the government regulates others.
- Aims to balance economic efficiency with social welfare.
- SOLUTIONS TO ECONOMIC PROBLEMS UNDER DIFFERENT SYSTEM
- Capitalist Economy (Free Enterprise): Encourages competition to solve issues like inefficiency and high prices.
- Socialist Economy (Centrally Planned): Government planning and allocation of resources aim to address issues like unemployment and poverty.
- Mixed Economy: Utilizes both market solutions and government intervention to address economic problems.
- CONTEMPORARY ISSUES IN ECONOMIC SYSTEMS
- Deregulation: Reducing government rules to encourage competition and efficiency in markets.
- Sector Consolidation: Merging banks to create larger institutions that can better manage risks and provide services.
- Globalization: The impact of global trade and investment on local economies, leading to debates on protectionism vs. free trade.
- Technological Change: The role of technology in shaping economic systems, including automation and digital currencies.
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– How to Manage Your Jamb Exam Time for High Scores; https://youtu.be/Tp4Va8haib8
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– How to Read, Understand and Remember Always- https://youtu.be/kL8BpRePudA
– How to Cover Your JAMB Syllabus Fast in 30 Days!!; https://youtu.be/RVgyn01Ptd0
– What to do a night before your Jamb Exam (+Exam Prayers); https://youtu.be/njbAx4Oz5Rw
– How to Manage Your Jamb Exam Time for High Scores; https://youtu.be/Tp4Va8haib8
– Overcoming Exam Fear/Anxiety– https://youtu.be/Uvf81rvd0ls
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