BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -At global level there are three types of economies-capitalist, socialist and mixed economy.

Detailed explanation-2: -Each economy functions based on a unique set of conditions and assumptions. Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies.

Detailed explanation-3: -The two branches of economics are microeconomics and macroeconomics.

Detailed explanation-4: -Source 5 Key participants in the economy are consumers, producers, the government and financial institutions.

Detailed explanation-5: -There are three main types of economic systems: command, market, and mixed. We will briefly describe each of these three types.