Question

Explain the different types of economic in details.

Answer 1

Answer:

There are three main types of economies: free market, command, and mixed. The chart below compares free-market and command economies; mixed economies are a combination of the two. Individuals and businesses make their own economic decisions. The state's central government makes all of the country's economic decisions

Answer 2

Answer:

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.