What are the different types of economic systems?

There are several different types of economic systems employed by countries around the world. One type is a market economy, where resources are allocated based on supply and demand and individuals make decisions on what to produce and consume. Another type is a command economy, where the government controls all aspects of production and distribution. Mixed economy is a blend of market and command economies, with both private and public sectors playing a role. A traditional economy relies on customs and traditions to dictate economic pursuits, while a planned economy is characterized by a central authority dictating production and consumption. Each economic system has its own advantages and disadvantages, and understanding these different types is crucial for analyzing and comparing various countries' economic performance.

This mind map was published on 17 September 2023 and has been viewed 51 times.