Wednesday, June 14, 2017

Three type of the economic system

Traditional economic system
command economic system
Market economic system
Mixed economic system

Traditional economy system is the most traditional ancient and type of the economy in the world.
Product and services that or direct result of those believe custom traditional religious are produced from the system.

There are certain elements of traditional economy that those in more advanced economic such as mixed.

Command economic system:-

Intimate economic advance the command economic system is the next step up from a traditional economy.
The most important features of the system is that a large part of economic system is controlled by centralised power often a Federal government.

Third market economic system is free market.

The government does not control title resources valuable goods and any other major segment of the economy.

In this away organisation are done by the people determine how the economy Run how supply is generated what demand are necessary et cetera.

Mixed economic system:-

A mixed economic system also known as a dual economy is a combination of economic system but it is a primary referred to a mixed and a market and command economy.

In this type of economic systems in the market is more or less free government do not ship except for a few key areas.

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