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What are the different types of economic theories

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User Luuuud
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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.
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User Anirudha Mahale
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