Economic system seeks to answer three fundamental questions in economics, namely: What goods will be produced?How will the goods be produced?For whom will the goods be produced? These three questions give rise to two poles of the economic
Socialism
Socialism: Meaning, Characteristics, Types, Pros and Cons
What's it: Socialism is a social, political, and economic philosophy that advocates for collective ownership of the means of production. Socialism and communism are two philosophies that are currently considered left-wing economic thought as opposed