ECONOMICS (CBSE/UGC NET)

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: -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 four components of gross domestic product are personal consumption, business investment, government spending, and net exports. 1 That tells you what a country is good at producing.