SSC MTS EXAM

Detailed explanation-1: -An economic system, or economic order, is a system of production, resource allocation and distribution of goods and services within a society or a given geographic area.

Detailed explanation-2: -The process of Usage goods and services for the satisfaction is called consumption. The process of producing goods and services with the motive of maximum profit is called production. Tge process of distributing income among labours is called distribution.

Detailed explanation-3: -Communist System In this kind of economic system, the state takes upon itself the allocation and production functions as well as distribution of the goods and services. In this system, capital cannot be privately held and there is communal ownership or what is known as “Communism”.