Question

explain the different types of economic system​

Answer 1

Answer:

Traditional Economic System

The traditional economic system is the most traditional and ancient types of economies in the world. Vast portions of the world still function under a traditional economic system. These areas tend to be rural, second- or third-world, and closely tied to the land, usually through farming. In general, in this type of economic system, a surplus would be rare. Each member of a traditional economy has a more specific and pronounced role, and these societies tend to be very close-knit and socially satisfied. However, they do lack access to technology and advanced medicine.

2. Command Economic System

In a command economic system, a large part of the economic system is controlled by a centralized power. For example, in the USSR most decisions were made by the central government. This type of economy was the core of the communist philosophy.

Since the government is such a central feature of the economy, it is often involved in everything from planning to redistributing resources. A command economy is capable of creating a healthy supply of its resources, and it rewards its people with affordable prices. This capability also means

Answer 2

Answer:

there are three types of economic system

1. capitalist economy : it refers to that economy in which means of production is controlled,owed and operated by private sector
2. socialist economy : it refers to that economy in which means of production are operated , owed and controlled by government
3. mixed economy : it refers to that economy in which private and public sector is alloted their respective role to solve the central problem

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