2.9.1 Definition of market economic system
Unit 2.9.1 - Definition of market economic systemSingapore is the world"s most economically free countryAn economic system refers to the institutions and mechanisms that determine how an economy"s resources are allocated in order to address the basic economic questions of what, how, and for whom production should take place. Hence, these institutions and mechanisms influence the behaviour of economic agents in a particular...
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