SubjectPaid lesson
Economic system – Capitalism
CT
ClassNotes Team 3 MIN READUPDATED 4 JUL 2026Economics SSS1 First Term
WEEK 10
Economic system – Capitalism
Performance Objectives
Student should be able to:
- Describe different economic system and how they solve their economic problems.
- Distinguish among the systems.
Content
Meaning of economic system
An economic system is a system of production, resource allocation and distribution of goods and services within a society or a given geographic area. It also means an organized way by which the means of production in a country are utilized to satisfy human wants. All economic systems have three basic questions to ask: what to produce, how to produce and in what quantities and who receives the output of production.
The major types of economic systems of the world are divided into…