Apart from affecting other sectors, an economic system is also impacted by social, cultural and geographical forces along with the regular inputs of land, labor, and capital. ... This helped the economy develop and caused standards of living to improve significantly. ... Therefore, rather than limiting ourselves to these three narrow systems, we can look at all aspects contributing to an economy to get a better understanding with the modern approach. ... Organization is vital to an economic system because it provides participants with goals, motives and order. ... The former is usually as...

• Word Count: 4711
• Approx Pages: 19
• Has Bibliography
• Grade Level: Undergraduate