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Monday, 18 January 2010

Economic System

Different economist have defined Economics System differently given below:

a: Economic System is an active combination of economic institutions, standard and principles which
transferring all of them into one unit. works for achieving a common goal.

b: Economic system expresses a combination of the members of the society which exploits the natural
resources for the fulfillment of their economic needs

c: Economic System is a logical connection amongst the individuals according to which they keep
themselves busy in production, distribution and exchange of wealth to achieve goods and services.

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