Question

List the four main types of economic systems and their main attributes. Select all that apply.

A.

The mixed economic system is an economy in which some economic decisions are made by firms and households and some by the government.

B.

The traditional economic system is an economy based mostly on tradition.

C.

The split economic system is an economy in which half the economic decisions are made by the government and the other half are made by individuals.

D.

The modern economic system is an economy that is constantly changing with no similarities to the past.

E.

The command economic system is an economy in which most economic decisions are made by a central planning authority.

F.

The free market economic system is an economy in which most economic decisions are made by private households and firms.

Answer 1

The four main types of economy are:-

1)traditional economy - The traditional economic system is an economy based mostly on tradition.

2)market economy - The free market economic system is an economy in which most economic decisions are made by private households and firms.

3)command economy - The command economic system is an economy in which most economic decisions are made by a central planning authority.

4) mixed economy - The mixed economic system is an economy in which some economic decisions are made by firms and households and some by the government