Discuss 3 main economic systems. ​

Explanation:

What is an Economic System?

An economic system is a means by which societies or governments organize and distribute available resources, services, and goods across a geographic region or country.

1. Traditional economic system

The traditional economic system is based on goods, services, and work, all of which follow certain established trends. It relies a lot on people, and there is very little division of labor or specialization.

2. Command economic system

In a command system, there is a dominant centralized authority – usually the government – that controls a significant portion of the economic structure. Also known as a planned system, the command economic system is common in communist societies since production decisions are the preserve of the government.

3. Market economic system

Market economic systems are based on the concept of free markets. In other words, there is very little government interference. The government exercises little control over resources, and it does not interfere with important segments of the economy. Instead, regulation comes from the people and the relationship between supply and demand.

4. Mixed system

reducing the scale of the market for a new product.