Question

please answer this

What are different types of economies? which type of economies are USA, China,Sri Lanka and Kenya​

Answer 1

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An economy is a system whereby goods are produced and exchanged. Without a viable economy, a state will collapse. 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.

• USA : The U.S. is a mixed economy, exhibiting characteristics of both capitalism and socialism. Such a mixed economy embraces economic freedom when it comes to capital use, but it also allows for government intervention for the public good.

• CHINA: The socialist market economy (SME) is the economic system and model of economic development employed in the People's Republic of China. The system is based on the predominance of public ownership and state-owned enterprises within a market economy.

• SRI LANKA: Sri Lanka is a mixed economy, in which both the private sector and the state sector engage in the production process. Foreign investments are encouraged and several free zones have been established. The country's banking system is well developed, so that both foreign and local banks function in the economy.

• KENYA: Kenya has a mixed economic system which includes a variety of private freedom, combined with centralized economic planning and government regulation. Kenya is a member of the Common Market for Eastern and Southern Africa (COMESA) and the East African Community (EAC).

Answer 2

Answer:

1. Capitalist Economy- In a capitalist system the products manufactured are divided among people not according to what people want but on the foundation of Purchasing Power—which is the ability to buy products and services.
2. Socialist Economy- This economy system acknowledges the three inquiries in a different way. In a socialist society, the government determines what products are to be manufactured in accordance with the requirements of society.
3. Mixed Economic – Mixed systems have characteristics of both the command and market economic systems. For this purpose, the mixed economic systems are also called as dual economic systems.
4. USA - CAPITALIST ECONOMY
5. CHINA - SOCIALIST ECONOMY
6. SRI LANKA - MIXED ECONOMY
7. KENYA - MIXED ECONOMY