Write a short note on different types of economic system

1.	Write a short note on different types of economic system
Answer» There are four types of economic systems; traditional, command, market and mixed economies. A traditiona leconomic SYSTEM FOCUSES exclusively on goods and services that are directly related to its BELIEFS and traditions. A command economic system is characterized by a dominant centralized power. A market economic system relies on FREE markets and does not allow any kind of GOVERNMENT involvement in the economy. A mixed economic system refers to any kind of mixture of a market and a command economic system.

Answer»

There are four types of economic systems; traditional, command, market and mixed economies. A traditiona leconomic SYSTEM FOCUSES exclusively on goods and services that are directly related to its BELIEFS and traditions. A command economic system is characterized by a dominant centralized power.

A market economic system relies on FREE markets and does not allow any kind of GOVERNMENT involvement in the economy.

A mixed economic system refers to any kind of mixture of a market and a command economic system.

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