The three economic systems are the traditional, command and market economic systems. Different countries use different economic systems.
The traditional economic system exists in the Middle East, Asia, Africa and Latin America. It is based on every person's career being determined by birth. Children will probably do what their parents did to earn a living.
The command economic system gives individual citizens little say in the economy. Countries that use this type of economy include China, Russia and Uganda.
The market economic system says that what each person does is based on activity in the market and that individuals can decide for themselves how to make their money. The United States is an example of a market economy.Learn More
Economies worldwide fall into one of four categories: traditional, market, command and mixed. Within these categories, however, there is a considerable amount of variation. The type of economy that a market falls into depends on what it produces, how it produces those goods and who its goods are produced for.Full Answer >
The three types of economic resources are commonly known as human resources, natural resources and capital resources. Economists often refer to these three resources as the factors of production.Full Answer >
The three basic economic problems are what to produce, how to produce and for whom to produce. These three economic problems need to be addressed in any economy, regardless of level of affluence.Full Answer >
The three economic questions that every society must answer are as follows: "What to produce?" "How to produce?" and "For whom to produce?" The answers to these questions handle the matters of how to deal with scarcity and how to efficiently allocate resources.Full Answer >