Price mechanism  - Refers to the system of relying on the market forces of demand and supply to allocate the resources , Economic system - Describes the way in which an economy is organized by allocating the scare resources in best way. , Market - Any kind of arrangement where buyers and sellers of a good and services are linked together to carry out an exchange., Planned economy - Resource allocation id done by the government , Private sector - Organization owned by shareholders or individuals , Public sector - Organizations owned by government, Mixed economy - An economic system where the resources are allocated through government and private sector also, Market economic system  - Resources are allocated by the private individuals , Privatisation - Sale of public sector enterprises to private sector,

Economic system - LET'S RECALL -10 G&B

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