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The economics system - Essay Example

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The aforementioned factors interact with each other for understanding the procedures relating to distribution, consumption production of goods and/or services. In…
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The economics system
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The economics system

Download file to see previous pages... With the advancement in the technological and environmental aspect, the nations are involving in better means of production and distribution to earn competitive advantage in the global scenario. The concept of the economic system is elaborated as the system of production and trade of goods and/or services in a community. The overall economic system includes individual, organisation, sectors and end users of a society or in general, it is often referred as the mode of production. Moreover, economics is identified on a wider concept, which is sub-divided into the two aspects i.e. micro and macroeconomics. Microeconomics focuses on demand and supply of products and/or services in the markets in relation to the change in the price level. On the other hand, macroeconomic dimension includes the relationship of the aggregate variables including the purchasing power, price income and money (McConnell et al., 2009).
The study of the overall economic system comprises both the micro and macro economy of a nation or a particular community at large about how firms and various agencies are linked among each other, how the communication information flow between the them and the social relationship in the economic system. Thus, in larger and boarder term, it comprises various processes that are followed within a geographical region in the production, distribution and circulation of labor for producing products and/or services, machineries, consumer goods and infrastructure among others. Moreover, the economic system of one nation varies with other nations due to differences in the political structure, culture and environmental conditions. In this regard, the point will be justified with the fact that Chinese economic system is comparatively very complex as compare the western nations’. The economic system consist of both capitalistic and socialistic aspects and the global economic system falls in four main ...Download file to see next pagesRead More
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