ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Traditional
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Command
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Market
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Mixed
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Detailed explanation-1: -The four main types of economic systems are a pure market economy, a pure command economy, a mixed economy, and a traditional economy.
Detailed explanation-2: -A traditional economy is a system that relies on customs, history, and time-honored believes. Tradition guides economic decisions such as production and distribution. Societies with traditional economies depend on agriculture, fishing, hunting, gathering, or some combination of them.
Detailed explanation-3: -Examples include the economies of China, Norway, Singapore, and Vietnam-all of which feature large state-owned enterprise sectors operating alongside large private sectors.
Detailed explanation-4: -Alternatively, a command economy is organized by a centralized government that owns most, if not all, businesses and where government officials direct all the factors of production. East Germany, North Korea, and the former Soviet Union are all examples of command economies.