Question

explain the types of economies by filling correct information in the place of question in circle

Answer 1

There are four types of economies.

1)Traditional economic system- This is related to economics of ancient times.And mostly seen in rural areas.

2)Command economic system-A central power contros the whole economic system .There is healthy supply of resources in this system.

3)Market economic system- It deals with the allocation of the resources.Like from where goods are bought ,its production and who buys the goods.

4)Mixed economic sytem- it is the combination of all the above economic system.