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There are basically four kinds of economic systems:

1) Market economy-

An economic system in which individuals own and operate different factions of production.

Examples: Free Enterprise & Capitalism

2) Command economy -

An economic system in which government owns and operates all factions of production.

Examples: Socialism & Communism

3) Traditional Economy -

An economic system based on culture and tradition. Economy is based on agriculture and hunting.

Examples: Non-Industrialized agrarian societies.

4) Mixed Economy -

An economic system where both command and market systems are featured.

Examples: United States is not a pure capitalist country for there are forms of socialism instilled in it to benefit individuals in need of services and has minimum wages, however, free enterprise reigns in the U.S. China also has both forms of economy, however, the Chinese government controls the prices and production.

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Wiki User

14y ago

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More answers

Free economic system which is also called capitalist economy Centrally planned economic system which is also called the socialist economy Mixed economic system Military economic system

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Wiki User

12y ago
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Slavery, feudalism, capitalism. Socialism has no money and hence no economic system.

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paulbenn

Lvl 13
2y ago
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Traditional Capitalism Socialism Communism

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Anonymous

4y ago
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Q: What are four types of economic systems?
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