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Economic system of any country is been generally defined as the system of resource allocation, distribution of goods and services and production in a society or any of the geographic location. The economic system mainly includes the mixture of different agencies, institutions, decision making process and the ways of utilisation which encompasses the economic structure of a community specifically. The economic system basically includes what to produce, what quantities to produce, how to produce and for whom to produce. The present UK Economics System is been carried out with the purpose to identify the economic issues of demand resource allocation and the scarcity in the economy of UK. It would be evaluating the significance of different market systems along with the role of opportunity costs in determining the patterns of the economic decisions of an organisation. The UK Economics System would also help in evaluating the affects of the UK regulations on the market power of an organisation. Furthermore, it would depict the changes in the structure of the UK economy and its effects on the business environment of the organisation. It would even analyse the consequences of the current global and domestic economic shocks on the UK economy.
Overview of the economy of UK
With the fluctuations in the political and the economical conditions, the economy of UK had been slow down by nearly about 1.6% in the recent year 2016. It has been found that the UK economy is been listed as the fifth largest national economy all over the world. There has been a slow down of the economy of UK in past some years but had now moved towards the growth as well. As per Tietenber & Lewis the GDP growth rate in the year 2015 was nearly about 2.5% which moved to 2.3 % in the year 2016 due to the fall in the prices of oil specifically. It has been observed that the economic condition of UK would record a remarkable growth with the increase in the spending by the consumers in the market. Another reason behind the slowdown is been identified as the decline in the business investments from the outside nations specifically. These aspects are been driven by the political and the economical uncertainties in the market. Moreover, it has been predicted that the gradual increase in the oil prices would be nearly about $73 per barrel in the year 2020 which would lead the employment rate of UK to be more than 37000 higher till 2020. It has been identified that the low prices of oil includes a remarkable potentiality of facilitating the consumers within a short term period and would help in boosting up the revenues of the government effectively.
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