Economic Systems: Past, Present and Future.
The Understanding Economics textbook defines an economic system as, "the organisation of an economy, which represents a country's distinct set of social customs, political institutions and economic practices". In this report I will discuss two of the worlds' leading economic systems, Capitalism and Communism. As well, I will discuss our Nation's economic system, the mixed economy. I plan to research the three elements stated by the textbook for each of the economic systems mentioned.
Economic systems are divided into three basic types: Traditional, Market and Command.
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