ECONOMICS
ECONOMIC SYSTEMS
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Detailed explanation-1: -There are four main types of economic systems – Traditional Economy, Command Economy, Market Economy. In other words, the laws of demand and supply determine the price and quantity of goods produced in an economy. read more, and Mixed Economy.
Detailed explanation-2: -Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies.
Detailed explanation-3: -The different kinds of economic systems are Market Economy, Planned Economy, Centrally Planned Economy, Socialist, and Communist Economies. All these are characterized by the ownership of the economics resources and the allocation of the same.
Detailed explanation-4: -There are three main types of economic systems: command, market, and mixed. We will briefly describe each of these three types.
Detailed explanation-5: -All economies must answer basic questions like what goods and services to produce, how to produce these goods and services, and how to distribute the goods and services – using their scarce resources.