On a global level there are ______ types of economies
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Answers
Answer:
Answer: There are four primary types of economic systems in theworld: traditional, command, market and mixed.
Three different economic systems exist on a worldwide scale are capitalist, socialist, and mixed economy.
Explanation:
Capitalist Economy
The term "capitalism" or "capitalist economy" refers to an economic system in which private firms control and govern factors of production such capital goods, labor, natural resources, and entrepreneurship. The creation of all commodities and services in a capitalist economy is based on supply and demand in the market, commonly referred to as a market economy.
Socialist Economy
The structure of a socialist economy is completely different from a capitalist one. All of the production inputs in such an economy are held by the government. Therefore, a community under the control of the State owns all the factories, equipment, plants, and capital.
On the basis of equal rights, all citizens profit from the creation of commodities and services. As a result, the Command Economy is another name for this form of economy.
Mixed Economy
A system called the Mixed Economy combines capitalism with socialism. The Mixed Economy combines capitalism and socialism's positive aspects while avoiding their negative ones.
The private and public sectors coexist in a mixed economy. Government policy directs economic activity toward certain economically important social sectors, and the functioning of the price mechanism establishes the equilibrium.
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