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Financial structures. There are one of a kind kinds of economic systems prevailing inside the world.
Dictatorship: Dictatorship is a machine wherein financial decisions are taken by means of the dictator which may be an Person or a set of decided on people. Command or planned financial system: A command or deliberate economy is a method of economic organization in which the important thing financial.
Features – for whom, what, a way to produce are basically decided by means of authorities directive. In a Deliberate economic system, a planning committee commonly authorities or some organization determines the financial system’s Output of products and services. They decide about the most reliable mix of resources inside the financial system. In addition they Decide how the factor of manufacturing wishes to be employed to get top-rated blend. Unfastened marketplace/capitalist financial system:. eco401 midterm solved papers
A free marketplace/capitalist financial system is a system in which the questions on what to supply, the way to Produce and for whom to supply are decided basically through the call for and supply interactions inside the Market. In this economic system what to provide is thereby determined with the aid of the market price of each proper and Provider in terms of the cost of manufacturing every right and provider. In a free financial system the best items and services produced are the ones whose charge within the marketplace is as a minimum Identical to the manufacturer’s value of producing output. eco401 midterm solved papers
While a charge greater than the price of producing that True or carrier prevails, manufacturers are induced to boom the manufacturing. If the product’s charge falls Under the cost of manufacturing, producers reduce supply. Islamic economic device: This machine is based totally on islamic values and islamic policies i-e zakat, ushr, and many others. Islam forbids each the Taking and giving of hobby. Contemporary economists, too, have slowly started to realize the futility of Interest. eco401 midterm solved papers
The islamic monetary standards if strictly accompanied would dispose of the Opportunity of accumulation of wealth within the hands of some and could make certain the greater stream of
Money in addition to a wider distribution of wealth. Extensively speaking those standards are (1) zakat or Obligatory alms giving (2) the islamic law of inheritance which splits the property of an person Into some of stocks given to his family members (three) the forbiddance of interest which exams accumulation Of wealth and this moves at the foundation of capitalism. eco401 midterm solved papers
Pakistan case: a combined financial system In pakistan, there may be combined financial machine. Sources are governed with the aid of each government and People. A few resources are in the hand of government and a few are within the hand of public. Most fulfilling Blend of sources is determined by way of the price mechanism i-e with the aid of the marketplace forces of call for and deliver. Pakistan financial system as a consequence consists of the traits of each planned economy and unfastened marketplace. Economic system. People are unfastened to make their selections. eco401 midterm solved papers
They can make their residences. Government controls. The defence. Round float of goods & profits
There are sectors within the circular flow of products & services. One is household area and the other is The commercial enterprise sector which includes firms. Households demands goods & offerings, corporations supply goods & Offerings. An exchange takes vicinity in an economy. In financial financial system, firms trade goods & Services for cash. Corporations’ demands elements of manufacturing and households deliver elements of production. Firms pay the fee in terms of wages, rent, and many others.