Abstract:
The way in which a country's economy is organized is known as an "economic system". At one end of the spectrum is a centrally-controlled or planned economic system, namely communism, in which the government tries to solve economic problems. At the other end is a complete market oriented economy, namely capitalism, which leaves the solution to the country's economic problems up to market forces. In other words, the economic problems are left to the forces of demand and supply. This type of economic system is called a free market system. In the following article we will focus on various phases and concepts which as a whole forms the free market system.
