An Economic system consists of social agencies that deal with production, distribution, and consumption of goods and services in a particular community. It is composed of individuals, institutions and their relationships in producing resources. Contemporary economic systems include the capitalist system, socialist system, and the mixed economy. In every economy, regardless of the type of government and the financial system, three fundamental questions should be answered. What and how much will be produced? How will it be created? For whom it will be provided? The answers to these questions are determined by the force of demand and supply(Schumpeter, 2013).