Question

what are the four kinds of economic systems?

Answer 1

Please check your text materials for four kinds of economic systems. You may be looking for capitalism, socialism, communism, and bartering.

This site lists dozens of economic systems.

http://en.wikipedia.org/wiki/Economic_system#List_of_economic_systems_by_Name

Answer 2

In a centrally planned economy, most economic decisions are made by the government. An example today would be North Korea and Cuba, but the Soviet Union before 1991 is a great example.

A market economy is where the decisions of households and firms interacting in markets allocate economic resources.

The last is a mixed economy and that is exactly that. It is mainly buyer and seller based, but the government has a say in specific allocation of resources.

Answer 3

Briefly describe the main attributes of the following economic systems: market economy, centrally planned economy, and mixed economy.