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The 3 basic economic system models are mixed economy, command economy, and free-market economy. In a mixed economy recourse are owned publicly and privately while in a command economy resources are owned by the government.
There are 3 types. Market economy, Planned economy and Mixed economy (most common).
[1] decision [2] employment [3] determination of price [4] ownership of resourses [5] The state is not soley responsible for production and investment
A.) Traditional economy. :3
hgh
The 3 basic economic system models are mixed economy, command economy, and free-market economy. In a mixed economy recourse are owned publicly and privately while in a command economy resources are owned by the government.
There are 3 types. Market economy, Planned economy and Mixed economy (most common).
[1] decision [2] employment [3] determination of price [4] ownership of resourses [5] The state is not soley responsible for production and investment
3/4 is the answer to this question.
A.) Traditional economy. :3
hgh
Free Market economy Command economy Mixed economy
Assuming the question is about 17/3, the answer is 52/3
3 types of economic system
by the interaction of buyers and sellers in a marketplace.
Most people have to work for an employer in order to survive. Production takes place for profit, hence poor-quality goods are often produced. There is widespread poverty, which is caused by the capitalist system, not by genuine shortages.
Most countries in the world today operate under a mixed economy because in a mixed economy, one person or the government does not own everything. This means that, for example, if you owned a herd of cows, since it is a mixed economy, you own the herd but you would still have to follow the government regulations. In a command economy, the government controls all production and distribution of goods and services. In a traditional economy, the decisions are based on customs, beliefs, or religion, within a strong social community, and in a market economy, businesses and consumers decide what they will produce or purchase. It's better to have all 3 economies combined into a mixed economy, rather than having only a market economy, a traditional economy, or a command economy.