Describe the kinds of economic systems - price mechanism, Business Economics

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Describe the kinds of economic systems - price mechanism

1. What are the vital functions of an Economy? Explain the price mechanism.

2. Explain measurement of Price Elasticity of Demand.

3. Describe the kinds of Economic Systems.

4. Price mechanism also known as the market mechanism, that helps to solve the central problems in Capitalist Economy. Explain.

5. What are the factors governing Price Elasticity of Demand? Explain.

6. Explain economic systems and resource allocation.

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