Question

compare and contrast the four types of economic systems write 3 sentences and only 3 sentences

Answer 1

The four primary economic systems—traditional, command, market, and mixed—differ primarily in how resources are allocated and decisions are made. Traditional economies rely on customs and practices, command economies are centrally planned by the government, while market economies depend on individual choices and supply-demand dynamics. Mixed economies combine elements of both market and command systems, aiming to balance efficiency with social equity.