I didn't see the contemporary issues in economic system

That's true it was clearly explained and self explanatory

Thanks for the lesson
It was self explanatory
WELL DONE

<h2>Functions of an Economic System</h2>
All economies perform the following functions:
<ol>
<li>Allocation of Resources: Every economy has to decide what and how much goods and services to produce at any given time.</li>
<li>Organisation of Production: Every economic system must decide what alternative techniques of production are more suitable for it.</li>
<li>Distribution of Goods and Services: How the goods are shared among people is determined by every economic system.</li>
<li>Economic Growth and Development: The mechanism to grow the economy and raise average living standard is determined in each economy.</li>
<li>Economic Stability: Every economic system has mechanisms designed to control fluctuations in the level of economic activity, e.g. using fiscal and monetary policies.</li>
</ol>

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Functions of an Economic System

Economics studies social behavior guiding the allocation of scarce resources to meet the unlimited needs and desires of the individual members of a given society, and for the production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society. 

Economics

Explore the various economic systems and their features, benefits, and drawbacks, including capitalism, socialism, and mixed economy, and gain an understanding of their functions.


Functions of an Economic System

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