Question

What is an economy and types of economy with examples? ​

Answer 1

Types of Economy: It is said that every economy in the world is unique in some way or another. No two economies are identical. So economists have been able to identify four different types of economy – traditional economy, command economy, market economy and mixed economy.

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Answer 2

Economy is a system in which people earn their living to satisfy their wants through process of production, consumption, investment and exchange.
Types:-
• Traditional Economy
• Command Economy
• Market Economy
• Mixed Economy