Answered: Describe three different kinds of…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Describe three different kinds of economic systems.

Expert Solution

Step 1

Different kinds of economic systems include;

1. A command economy

2. A market economy

3. A mixed economy

Explanation:

A command economy is one in which the government makes all economic decisions. The government may own all the resources and means of production, or it may simply control what is produced and how it is distributed. Command economies are often centrally planned, meaning that the government creates a plan for the economy that is designed to achieve specific goals.

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