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    Microeconomics Ex2

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    Tam Soon Liew
    The document discusses four main economic systems: capitalism, socialism, mixed economy, and Islamic economy. It provides characteristics for each system. Capitalism is a market economy driven by profit where companies exist to make profit with minimal government intervention. Socialism involves production and distribution owned by the public and coordinated by central planning rather than supply and demand. A mixed economy co-exists public and private sectors with some regulation and aims for reduced inequality. The Islamic economy is bound by religious principles prohibiting interest and requiring zakat to support those with low income, with permitted work and goods.

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    Microeconomics Ex2

    Uploaded by

    Tam Soon Liew
    7 views1 page
    The document discusses four main economic systems: capitalism, socialism, mixed economy, and Islamic economy. It provides characteristics for each system. Capitalism is a market economy driven by profit where companies exist to make profit with minimal government intervention. Socialism involves production and distribution owned by the public and coordinated by central planning rather than supply and demand. A mixed economy co-exists public and private sectors with some regulation and aims for reduced inequality. The Islamic economy is bound by religious principles prohibiting interest and requiring zakat to support those with low income, with permitted work and goods.

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    Economic Systems

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    Microeconomics ex2

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    The document discusses four main economic systems: capitalism, socialism, mixed economy, and Islamic economy. It provides characteristics for each system. Capitalism is a market economy driven by profit where companies exist to make profit with minimal government intervention. Socialism involves production and distribution owned by the public and coordinated by central planning rather than supply and demand. A mixed economy co-exists public and private sectors with some regulation and aims for reduced inequality. The Islamic economy is bound by religious principles prohibiting interest and requiring zakat to support those with low income, with permitted work and goods.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    Download as pdf or txt
    7 views1 page

    Microeconomics Ex2

    Uploaded by

    Tam Soon Liew
    The document discusses four main economic systems: capitalism, socialism, mixed economy, and Islamic economy. It provides characteristics for each system. Capitalism is a market economy driven by profit where companies exist to make profit with minimal government intervention. Socialism involves production and distribution owned by the public and coordinated by central planning rather than supply and demand. A mixed economy co-exists public and private sectors with some regulation and aims for reduced inequality. The Islamic economy is bound by religious principles prohibiting interest and requiring zakat to support those with low income, with permitted work and goods.

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    Friday, 14 August 2020

    Microeconomics
    By Tam Soon Liew

    Economic Systems
    Economic Systems Characteristics
    Capitalism - Otherwise known as “Market Economy”

    - Companies exist to make profit

    - Minimal government intervention

    - Willingness to change and adapt to current market

    - Split between capitalist class and working class

    Socialism - Production and distribution are owned, controlled and


    regulated by the public

    - Not driven by the laws of supply and demand

    - Coordinated by a central planning authority

    - Aims for a Egalitarian Society*

    - Provision of basic needs by the government

    - No competition

    Mixed Economy - Co-existence of the public and private sectors

    - Complete economic freedom

    - Planned Economy

    - Regulation of private sector

    - Private property

    - Reduction of inequalities of income and wealth

    Islamic Economy - Economics is bound by aqidah, Sharia and morals

    - Prohibition of Interest

    - Zakat is collected from the wealthy to be distributed to


    those that have strikingly low income

    - Freedom of work and enterprise

    - Entrepreneurs can only produce permitted goods and


    services

    *Egalitarian society : Society with no sense of class amongst its people according to their income and
    wealth.

    Economic Systems 1

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