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lidiya [134]
4 years ago
13

What are the different types of economic theories

History
1 answer:
Marta_Voda [28]4 years ago
8 0
<h3><u>There are many economic theories, some are listed below:</u></h3>
  • <u>Capitalism</u>: This theory suggests of working on your own while maintain a good competition in the market. This is more of an individual effort.
  • <u>Socialism</u>: This theory has the statement about the social benefits. Less individualism and more collective effort in the work are preferred in this theory and is community strength based.
  • <u>Communism</u>: In this system, the majority of things are owned by government and they set all the decisions about the wages, working hours etc.
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