1. Comparative economic systems
... making arrangements. Organization is vital to an economic system because it provides participants with goals, motives and order. The market and the plan refer to the decision making process within a system. The former is usually associated with decentralization while the latter is attributed to centralization. Control and income basically relate to property rights and property ownership ... the system. Hierarchical organizations tend to be centralized where the decisions are made by the principal and passed on to the agents while in associations, the decision making process is decentral...
- Word Count: 4711
- Approx Pages: 19
- Has Bibliography
- Grade Level: Undergraduate