Types of Economic System

 BUSINESS ECONOMICS.

Previously you discussed about NATUR AND SCOPE OF BUSINESS ECONOMICS, and important points of MICRO & MACRO ECONOMICS.
ECONOMIC SYSTEM
all the economies in the world are broadly classified into three types based on their mode, distribution, exchange, and the the rele which government plays in economic activities. They are 
A. CAPITALIST ECONOMY
All means of production are owned and controlled by private individuals for profit.
capitalist economy is also known as free market economy or laissez-faire economy.
right to private property 
freedom of enterprise 
freedom of economic choice
profit motive
consumer sovereignty
compitition 
absence of government interference
price mechanism
US, UK are the examples
there is economic

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