what is meant by an economy? Explain the different types of an economy
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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.
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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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