Economic systems
What Economic systems means in Economics A-Level, as defined for AQA.
Definitions of Economic systems
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Reference: AQA
The arrangements that form the basis of how societies answer the three fundamental economic questions of what, how and who is to benefit.
A mixed economy is one where resources are allocated by a combination of market forces and government intervention.
Topics that use Economic systems
- Government intervention in markets (AQA A-Level)
- The nature and purpose of economic activity (AQA A-Level)
Related terms
- Resource allocation
- Equity
- Externalities
- Government failure
- Government intervention
- Market failure and equity
- Policy evaluation
- Price mechanism
Using Economic systems in the exam
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