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Comparative Economic Systems It would be extremely easy to state that economics is an area of study that seeks efficient use of scarce resources to satisfy unlimited wants and that economic systems simply refer to the outcomes of economic activities, which are influenced by social, natural and political settings. However, it is clear that economics goes far beyond utilizing resources or levels of development and by comparing different economic systems one can analyze their importance and influence on other sectors of society. Apart from affecting other sectors, an economic system is also impacted by social, cultural and geographical forces along with the regular inputs of land, labor, and capital. Traditionally, economic systems were based on the imperative models of capitalism socialism and communism but recent political and economic developments across the world have caused dynamic changes in this area. The modern approach to comparing economic systems is more expansive and relates to their multidimensional attributes rather than studying the limited characteristics of ownership and means of production as with the traditional method. The main reasons behind this new approach to studying economic systems are the immense