“Economic systems are the means by which countries and governments organize, allocate and distribute goods, services and resources.”
In terms of the above statement, compare and contrast the different economic systems. Include in your answer examples of contemporary economic systems.
For each of the following independent events, explain with the aid of a diagram, the effect on the equilibrium price and quantity of MP3 players (such as the iPod) if:

The price of a personal computer falls (10)
The price of an MP3 download rises (10)

Provide the elasticity coefficients for the following categories of price elasticity of demand. Include in your answer, using diagrams to motivate your answer, an explanation of its implication for total revenue for a business.
Elastic demand (10)
Inelastic demand (10)
Unit elastic demand (10)

Answers to Above Questions on Economics

Answer 1: The role of the economic system is crucial in which governments organise, allocate and distribute goods and services and perform the management of resources. Economic systems are also of different types and the three important points include capitalism, socialism and mixed economies.

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