Economic Development Study Assignment Sample

Various Factors Of Production And Wealth System

Economic Development Study Assignment Sample

An economy is defined as the system of country which consists of various factors of production such as land, labour, capital and material etc. The main objective of wealth system is to maintain the balance between available resources and needs or wants of citizens. It consists of basic three types of economies such as planned, market and mixed economy (Chen and Mohamed, 2008). Whereas mixed economy is the combination of both private and public sector. Most of the countries enjoy this type of wealth including United Kingdom and United States of America. This essays shows benefit of mixed economy to UK in which detailed description of meaning, advantages and disadvantage of combined wealth is being given.

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