Question

Classify different types economy with examples.​

Answer 1

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✒ Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies.

• Traditional economic system.
• Command economic system.
• Market economic system.
• Mixed system.

Example:-

1. socialism
2. communism
3. capitalism.

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Answer 2

There are many economies around the world. Each has its own distinguishing characteristics, although they all share some basic features

Traditional economic system

The traditional economic system is based on goods, services, and work, all of which follow certain established trends. It relies a lot on people, and there is very little division of labor or specialization. In essence, the traditional economy is very basic and the most ancient of the four types.

Command economic system

In a command system, there is a dominant, centralized authority – usually the government – that controls a significant portion of the economic structure. Also known as a planned system, the command economic system is common in communist societies since production decisions are the preserve of the government.

Market economic system

Market economic systems are based on the concept of free markets. In other words, there is very little government interference. The government exercises little control over resources, and it does not interfere with important segments of the economy. Instead, regulation comes from the people and the relationship between supply and demand.