BAFF0023: Economics and Society Assignment, UIU, Malaysia The economic system is a way of organizing relationships among individuals, firms, and government agencies

University UNITAR International University (UIU)
Subject BAFF0023: Economics and Society

The economic system is a way of organizing relationships among individuals, firms, and government agencies on how to make decisions when confronted with basic economic questions. There are three types of economic systems that are; Capitalism, Socialism, and Mixed Economy.

All these economic systems differ from each other in terms of characteristics, Merits and Demerits, and their economic decision.

Discuss the difference between those three types of economic systems. Give example or any related current issues to support your argument. Discussion must be based on an academic journal or any reliable reference.

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