False. While traditional and command economic systems are two types of economic systems, there are several others as well. Commonly recognized economic systems include:
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Traditional Economic System: Based on customs, traditions, and cultural practices. Economic decisions are often made based on historical precedent.
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Command Economic System: Also known as a planned or centrally planned economy, where the government makes all economic decisions and controls the means of production.
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Market Economic System: Decisions regarding production, investment, and distribution are based on supply and demand in a free market.
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Mixed Economic System: Combines elements of both market and command economies. It incorporates both private enterprise and government involvement in the economy.
Therefore, it is inaccurate to state that there are only two types of economic systems.
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