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riadik2000 [5.3K]
3 years ago
10

Describe each type of economic system

History
1 answer:
allochka39001 [22]3 years ago
7 0
There are <span>4 Types Of Economic Systems
1.</span><span> traditional
2.command
3.market
4. mixed
</span><span>A traditional economic system is the best place to start because it is, quite literally, the most traditional and ancient type of economy in the world. 
</span>

Command economic system is the next step up from a traditional economy. This by no means indicates that it is fairer or an exact improvement; there are many things fundamentally wrong with a command economy.


A market economy is very similar to a free market. The government does not control vital resources, valuable goods or any other major segment of the economy. 


<span>A mixed economic system (also known as a Dual Economy) is just like it sounds (a combination of economic systems), but it primarily refers to a mixture of a market and command economy (for obvious reasons, a traditional economy does not typically mix well).</span>


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