Economic system – Capitalism
Economics 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 three major groups: capitalism or free-market economy, socialism and the mixed economy.
CAPITALISM OR FREE MARKET ECONOMY
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- Meaning of Economics and Related Concepts.
- Basic Tools of Economic – Graph, Charts and Tables
- Basic Tools of Economic – Measures of Central Tendencies
- Concepts of Demand and Supply – Price System, Demand, Schedule, Curves and Laws.
- Concepts of demand and supply – Determinants of equilibrium price, quantity and point
- Economics SSS1 First Term Mid-Term Assessment
- Test
- Theory of production - Production
- Theory of Production – Division of Labour
- Theory of production - Scale of production
- Economic system – Capitalism
- Economic system – Socialism, Mixed Economy
- Basic economic problems of society
- Economics SSS1 First Term Final Assessment
- Test
- Concepts of demand and supply – Supply, schedules and Laws
- Chapters 14
- Category SSS1
- Author ClassNotes Edu
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