ENTREPRENEURSHIP

Detailed explanation-1: -An economic system, or economic order, is a system of production, resource allocation and distribution of goods and services within a society or a given geographic area.

Detailed explanation-2: -The economy is the system of production, distribution, and consumption of goods and services. There are different types of economies: command, traditional, market, and mixed. Each varies in their ideals and systems of controls.

Detailed explanation-3: -An economic system is a means by which societies or governments organize and distribute available resources, services, and goods across a geographic region or country. Economic systems regulate the factors of production, including land, capital, labor, and physical resources.

Detailed explanation-4: -Traditional, command, market, and hybrid economic systems are the four types of economic systems. Traditional systems are affected by traditions and ideas, and they focus on the fundamentals of products, services, and work.

Detailed explanation-5: -A market economy is an economic system where two forces, known as supply and demand, direct the production of goods and services.