Answer :
According to the question, capitalism and socialism are the two major economic processes in modern societies.
What is the economic example?
Economics is the social science field that studies scarcity of resources. It investigates the factors that influence the production, allocation, and consumption of products and services in a given economy. It investigates how individuals, business owners, and government agencies allocate scarce resources. Traditional economies, laissez faire economics, planned economy, and market economies are the four major types of economic systems.
What is the significance of economics?
Economic study helps people understand their surroundings. It enables people to better understand people, businesses, markets, and governments, and thus respond to the dangers and opportunities that arise when things change.
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