Question

Explain the various types of economy or various type of

economic system.​

Answer 1

The way scarce resources get distributed within an economy determines the type of economic system. There are four different types of Economic Systems; a traditional economy, a market economy, a command economy, and a mixed economy. Each type of economy has its own strengths and weaknesses.

Answer 2

Answer:

Capitalistic economy :- trade in hands of private owner...

Socialistic economy :- trade in hands of government

Mixed economy :- rights in hands of both government and private owners...