User:Nirmal mishra rn/sandbox

'Types of economic system

There are 4 primery types of economic system

1.Traditional Economic System 2.Command Economic System 3.Market Economic System 4.Mixed Economic System

1.Traditional Economic system

A traditional economic system is the most traditional and ancient type of economy in the world. Products and services that are direct result of their beliefs,customs,traditions,religions etc.are produced in this system. There are certain elements of a traditional economy that those in more advanced economies, such as mixed.

2.Command Economic system

In terms of economic advancement, the Command Economic system is the next step up from a traditional economy.The most important feature of this system is that a large part of the economic system is controlled by centralised power, often, a federal government.

3.Market Economic system

A market economy is very similar to a free market.The government does not control vital resources,valuable goods or any other major segment of the economy.In this way,organisations run by the people determine how the economy runs,how supply is generated what demands are necessary etc.

4.Mixed Economic system

A mixed Economic system also known as a Dual Economy is a combination of economy systems,but it primerily refers to a mixture of a market and command economy.In this Economic system the market is more or less free of government ownership except for a few key areas(usually not the resources that a command economy controls).