Forums Economics Assignment Help What are the different types of Economic systems

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    john Smith
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    What are the different types of Economic systems?

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    kingsly
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    Answer: Economic systems keep the world economy balanced and controlled. There are there are 4 basic classes and many types of economic systems.

    • Persons own and operate different factions of production in the market economy.
    • When the government owns and operates all of the factions of production.
    • Third is the traditional economy whose basis is culture and tradition based on agriculture and hunting.
    • Fourth on is the mixed economy which is a system where both market and command economy systems are used.
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