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What are the types of economic systems? How will you differentiate Command from a Market economy?

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter2: Economic Systems And The American Economy

Section: Chapter Questions

Problem 19AA

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What are the types of economic systems? How will you differentiate Command from a Market economy?

Expert Solution

Step 1

There is scarcity of resources across the world. These scarce resources undergoes through a production process in the economic systems of various countries so as to provide output for their citizens. The manner in which these resources gets distributed within an economy defines the type of economic system. Mainly there are four different types of economic systems namely, a traditional economy, a market economy, a command economy, and a mixed economy.

In a market economy, the forces of supply and demand play major role in any decision making while in a command economy, government agencies direct the activities of the economy.

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