Q 1- Write an introduction on economic systems.
All businesses work under certain economic system. The basic elements around which business revolves is capital which is the pivotal factor in determining the type of economic system.
Every system is basically meant to provide goods and services to the peoples at the right price. It allows to establish business organization so that they produce goods and services demanded and needed by the consumer.
No system is totally bad or goods, the main evil lies with the producer who for his personal gains sacrifices the interest of the consumer.
The Present world has following economic system:
1-Islamic economic system
2- Capitalism ( open market economy)