Each system represents different answers to the four basic economic questions.
There are many types of economic systems, but three of the most common are listed here.capitalist economic systemsocialist economic systemmixed economic system
Each system represents different answers to the four basic economic questions.
what three questions must all economic systems answer?
1. Traditional 2.Command 3.Market
The three types of economic systems are centrally planned, traditional, and free market (or capitalist).
Societies answer the three economic questions based on their values!
Most countries have similar economic systems, which are a mixture of a free market and government regulation.
Mixed free and planned ((;
Economists also study how economic systems address three basic questions: What shall we produce?; How shall we produce it?; For whom shall we produce it?
Communism, capitalism, and socialism.capitalism
Market economy,traditional economy,command economy and mixed economy
What to produce?How to produce?For whom to produce?These are the three fundamental questions that all Economic systems must answer.