Comparative Economic Systems Assignment Help

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Comparative Economic Systems

3.1 Modes of Production

The concept of comparative economic system refers to an approach through means of which an individual manufactures and exchanges the resources of continuation.

• Feudalists mode of production (In this the production was owned and managed by feudal lords and the workers were not highly skilled).
• Capitalists mode of production (In this the control and management was mainly in the hands of capitalists and workers employed were highly trained).

3.2 Economic Systems

1. Feudalism
To begin with, under feudalism the major source of production was land. The status of the person was highly dependant on the value of land he obsessed. There were limitations in several ways including agriculture, internal and external operations etc.

2. Capitalism
Capitalism is a system in which all the means of production are possessed, controlled and supervised by private individuals mainly for making profit.

3. Socialism
Socialism is a system in which all the means of production and allocation are possessed, controlled and supervised by the state or state established entities for welfare of the people.

4. Mixed Economy
It is an economy which highlights features of both capitalism and socialism and therefore termed as mixed economy. The economy takes into consideration profit and social welfare both at the same time. A major example of mixed economy is India

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Microeconomics Systems - Part A

1. Economy and its Central Problems
2. Production Possibility Curve (PPC)
3. Comparative Economic Systems
4. National Income
5. Occupational Structure


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