ECONOMICS
BARRIERS TO TRADE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Market, Command, Traditional
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Market, Mixed, Traditional
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Mixed, Command, Traditional
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Mixed, Command, Market
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Detailed explanation-1: -Types of Economy: Traditional, Command, Market and Mixed Economies.
Detailed explanation-2: -There are three main types of economic systems: command, market, and mixed. We will briefly describe each of these three types.
Detailed explanation-3: -Key Takeaways Market economies utilize private ownership as the means of production and voluntary exchanges/contracts. In a command economy, governments own the factors of production and set prices and production schedules. In a market economy, prices are set by supply and demand.
Detailed explanation-4: -Different Types of Economies in the World There are four main different types of economies: traditional economies, market economies, command economies, and mixed economies.
Detailed explanation-5: -The four main types of economic systems are a pure market economy, a pure command economy, a mixed economy, and a traditional economy.