Question

What are the different types of Economies of the World? Explain.

Answer 1

ᴛʜᴇʀᴇ ᴀʀᴇ ғᴏᴜʀ ᴅɪғғᴇʀᴇɴᴛ ᴛʏᴘᴇs ᴏғ ᴇᴄᴏɴᴏᴍɪᴄ sʏsᴛᴇᴍs; ᴀ ᴛʀᴀᴅɪᴛɪᴏɴᴀʟ ᴇᴄᴏɴᴏᴍʏ, ᴀ ᴍᴀʀᴋᴇᴛ ᴇᴄᴏɴᴏᴍʏ, ᴀ ᴄᴏᴍᴍᴀɴᴅ ᴇᴄᴏɴᴏᴍʏ, ᴀɴᴅ ᴀ ᴍɪxᴇᴅ ᴇᴄᴏɴᴏᴍʏ. ᴇᴀᴄʜ ᴛʏᴘᴇ ᴏғ ᴇᴄᴏɴᴏᴍʏ ʜᴀs ɪᴛs ᴏᴡɴ sᴛʀᴇɴɢᴛʜs ᴀɴᴅ ᴡᴇᴀᴋɴᴇssᴇs.

Answer 2

Answer:

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.

There are four types of economic systems; traditional, command, market, and mixed economies. A traditional economic system focuses exclusively on goods and services that are directly related to its beliefs and traditions. A command economic system is characterized by a dominant centralized power.

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