Introduction
As human wants are unlimited and means are limited , economic problems are created. These problems are being faced by individuals, business firms as well as countries. This problem is problem of choice. An individual faces this problem in the process of consumption as he has to choose between various alternatives. The business firm faces the problem pertaining to What to Produce? How to Produce? How much to Produce? An economy faces the problem in allocating resources in most appropriate manner. Various economic systems provide solution to these problems . these economic systems are Capitalism, Socialism and Mixed Economy.
Task
Today you will be identifying various characteristics of economic system which are Capitalism, Socialism and Mixed Economy.
Form three groups and find out the features by using website and the link given to you.
It is necessary to find out how these economic system can be used to solve the economic problems.
This is class activity to be completed in group.
Process
What are the problems face by the consumer?
List the basic problems of business firm
What are the econoic problems of a nation?