Question

what is an economy and types of economy
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Answer 1

Answer:

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

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Answer 2

Answer:

An economy is a system whereby goods are produced and exchanged..

THERE ARE THREE TYPES OF ECONOMY :-

1)Free market

2)Command

3)Mixed.