Question

Question 3
Name the types of economy.

Answer 1

Answer:

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Answer 2

Answer:

There are four types of economies:

1) Traditional economy

2) Market economy

3) Command economy

4) Mixed economy

Explanation:

The traditional economic system is the one in which the people are closely related to land and have very little or no access to technology.

In a command system of economy, all the subs are controlled by a central power.

On the contrary to the Command economy, the market economy is based on self-interest.

A mixed economy is usually a mixture of two different economies i.e. command economy and market economy.