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Economic system-an economic system is where there is absence of government interventions and in which the free forces of demand and supply are allowed to operate.
OR
-Economic systems are forms of social organizations for producing goods and services
and for determining how they will be distributed. Examples of such systems include
Communal, Capitalist, Feudalism, Fascism and Socialist.
Kalis answered the question on March 23, 2018 at 13:13
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The following information represents the National Income Model of an ‘Utopian’ economy.
Y = C + I + G
C = a + b(Y – T)
T = d + tY
I = IO
G = GO
Where a > O; O < b < 1
d > O; O < t < 1
T = Taxes
I = Investment
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(b) Briefly explain how national income is measured.
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