Economics systems are the systems that keep our world and countries running. Economic systems set important rules that decide what goods and services to produce, how to produce them, and what to produce. There are four types of economic systems. The first is called traditional economy, which is the oldest of the four. This is when customs and habits of the people in the past are used to determine how goods will be produced, given out, and consumed, so the people decide how to answer the three questions. Also there is the command economy, this is when the government has complete control of what goods are produced, how they are produced, and how they will be distributed. Another type of economy is called market economy this is when the citizens, sellers, and buyers decide the three questions of what is produced, how it is produced, and how it is distributed which is mostly by supply and demand. Finally, there is the mixed economy which is the mix of the market and command economies. The citizens and the government both determine what goods are produced, how goods and services are produced, and how the goods and services are distributed. Those are the four types of economies.
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