4 Types of Economic Systems?

Answer

Economic systems help keep the world economy balanced and controlled. There are many types of economic systems but there are 4 basic classes. In the market economy, persons own and operate different factions of production. Next, we have the command economy which is when the government owns and operates all of the factions of production. Third is the traditional economy whose basis is culture and tradition based on agriculture and hunting. Then, we have the mixed economy which is a system where both market and command economy systems are used or featured.
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Kinds of Economic Systems
Economics is a process of decisions with market subsets being separated by how decisions are made. Market capacities are reflected in production of services or goods as a result of supply, demand and resources. World history continues to record the... More »
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