The manner in which a nation allocates its limited resources and distributes goods and services is called an economic system.
The manner in which a nation allocates its limited resources and distributes goods and services is called an economic system. There are various types of economic systems, including market economies, command economies, mixed economies, and traditional economies. To determine the specific economic system of a nation, you can consider factors such as the degree of government intervention in the economy, the level of competition, and the extent to which resources are privately or publicly owned. Additionally, you can analyze the policies, regulations, and institutions that influence resource allocation and distribution within a country.
