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An economic system can be defined as a basic means of achieving economic goals which is inherent in the economic structure of a society (B.B.G Dictionary of Business Terms, 1987).
The major function of an economic system is to work out the basic economic problems which are; *What is to be produced, *How is it to be produced, *For whom to produce and *How efficient is the use of resources. These economic problems are caused by the fact that resources are limited but human wants are unlimited. Therefore, every country desires to adopt an appropriate system which will result in efficient allocation of resources so as to avoid scarcity...
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