What is economy and what are the types of economy ?
Answers
Answer:
An economy is the large set of inter-related production and consumption activities that aid in determining how scarce resources are allocated. In an economy, the production and consumption of goods and services are used to fulfill the needs of those living and operating within it
Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies.
Traditional economic system. ...
Command economic system. ...
Market economic system. ...
Mixed system.
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Explanation:
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.