The three economic systems are the traditional, command and market economic systems. Different countries use different economic systems.Know More
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 about Economics
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 two general types of economic systems that exist today are command economy and market economy. Market economy is also called pure capitalism.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 >