the subfield of economics that compares and contrasts the structure and the performance of different types of economic organizations (i.e., different economic systems).
The economic system is a kind of social system. Mode of production is a related concept. Every economic system must face and solve the following four fundamental economic problems.
In this context, the theory of price formation is concerned with economic decision-making between the production of capital goods and consumption goods in economies facing resource scarcity. In this context, a critical assessment of societal needs based on demographics with respect to age, gender, occupation, and geography is of great importance.
Methods of Producing Goods: The basic question of how to produce goods depends largely on the most cost-effective method of production that is considered profitable for the economically determined goods and services to be produced. . In general, possible production processes include labor-intensive and capital-intensive production processes.
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