How can you differentiate between various economic systems that exist

An economic system is defined by the way scarce resources are distributed in an economy.

There are 4 types of major economic systems which are following;

A mixed economy is an economic system, like its name is a mix of elements of planned economies, free markets with intervention of the state and public enterprises.A command economy is a system where the government is key decision maker of what goods and services will be produced and introduced by the economy.A market economy is the one in which the investment, production and distribution are dictated by the forces of demand and supply.A traditional economic system is a result of customs, history and cultural norms which include the rules and manner of their distribution as well.

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