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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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What are the four types of economic systems?
The four types of economic systems are mixed, traditional, market and command. The economic systems evolves as different societies places different emphasis on different goals.
What are the four basic types of economic systems?
markets
The Four economic systems?
There are four major types of economic systems. This includes the mixed economy, traditional economy, command economy, and market economy.
What are the 4 economic systems?
The four types of economic systems are the traditional economy, the market economy, the command economy, and the mixed economy. Of these, the traditional economy is the most basic.
What are the types of political economic systems?
there is no such thing as political economic systems, there are only economic political systems
