The term economic system has been defined by J. R. Hicks as 'an organisation of producers to satisfy the needs of consumers'. It is a mechanism for tackling the two problems of scarcity and choice. Due to scarcity of economic resources, every society has to find some means of allocating resources among alternative ends or uses. In the present-day world [...]
In this article we will discuss about the definition and features of mixed economy found in India. Definition of Mixed Economy: The term 'mixed economy' is used to describe an economic system, such as that found in India, which seeks to compromise between capitalism and socialism. In such a form of economy, the elements of government control are combined with [...]
In this article we will discuss about:- 1. Meaning of Economic System 2. Nature of Economic System 3. Functions. Meaning of Economic System: An economic system may be defined as the sum-total of institutions and patterns of behaviour that organise economic activity in a society. In other words, it refers to the institutional and legal framework within which the people [...]