Question

What are the different types of economic theories

Answer 1

There are many economic theories, some are listed below:

• Capitalism: This theory suggests of working on your own while maintain a good competition in the market. This is more of an individual effort.

• Socialism: This theory has the statement about the social benefits. Less individualism and more collective effort in the work are preferred in this theory and is community strength based.

• Communism: In this system, the majority of things are owned by government and they set all the decisions about the wages, working hours etc.