Economic System
A country's economic system consists of the structure and processes that it uses to allocate it's resources and conduct it's commercial activities. 

Types of Economic Systems
- Centrally planned economy
- Mixed economy
- Market economy

Centrally planned economy
System in which a nation's resources are owned by the government.

Origins: the ideology that the welfare of the group is more important than individual well being. (Karl Marx).
Decline: In the 80's nations began to dismantle communist central planning in favor of market based economy.
Failures -economic value ,Provide incentives, Achieve rapid growth, Satisfy Consumer needs.

Mixed economy
Economic system in which resources are more equally divide between private and government ownership.
Origins: the idea that a successful system must be not only efficient and innovative but should also protect society.
Decline: mixed economies are converting to market system. (Privatization).

Market Economy
The majority of nations resources are privately owned. Economic decisions are determined by supply and demand.

? Origins: the belief that individual concerns should be placed above group concerns.
? Features: free choice, free enterprise and price flexibility.
? Governments role: enforcing antitrust laws, preserving property rights, providing a stable fiscal and monetary environment and preserving political stability.

Development of nations
The economic development is a measure of gauging the economic well being of one nation's people as compared with that of another nation's people.

National development indicators:
- national production
- purchasing ...