WHAT TO PRODUCE: This implies the determination of what goods and services are to be produced and in what quantity. For instance, should Nigeria embark on producing consumable goods (food stuffs) to feed her hungry citizen or embark on importation of ammunitions? HOW TO PRODUCE: This equally implies the determination of the method or techniques …
There are four main types of economic systems namely: Free Enterprise or Capitalist Economy Centrally planned or Socialist Economy Communal Economy Mixed Economy Free Enterprise or Capitalist Economy Here, government allows private persons/individuals to own the means of production. Examples of countries practicing capitalism are: U.S.A., Nigeria, and U.K. Features of Capitalism Private ownership of …