what are the four kinds of economic systems?
Please check your text materials for four kinds of economic systems. You may be looking for capitalism, socialism, communism, and bartering.
This site lists dozens of economic systems.
http://en.wikipedia.org/wiki/Economic_system#List_of_economic_systems_by_Name
In a centrally planned economy, most economic decisions are made by the government. An example today would be North Korea and Cuba, but the Soviet Union before 1991 is a great example.
A market economy is where the decisions of households and firms interacting in markets allocate economic resources.
The last is a mixed economy and that is exactly that. It is mainly buyer and seller based, but the government has a say in specific allocation of resources.
Briefly describe the main attributes of the following economic systems: market economy, centrally planned economy, and mixed economy.
The four main types of economic systems are:
1. Traditional Economic System: In a traditional economic system, economic decisions are based on customs, traditions, and beliefs. The production and distribution of goods and services are carried out in a traditional way, often passed down through generations. This system is prevalent in rural and tribal communities.
2. Command Economic System: In a command economic system, economic decisions are made by a central authority, typically a government or a central planning committee. The government controls all aspects of production, distribution, and pricing of goods and services. This system is characteristic of centrally planned economies, where the government plays a dominant role.
3. Market Economic System: In a market economic system, also known as capitalism or free-market system, economic decisions are driven by the interactions of buyers and sellers in the marketplace. The market determines the production, distribution, and pricing of goods and services. Private ownership, competition, and the pursuit of profit are key features of this system.
4. Mixed Economic System: A mixed economic system combines elements of both market and command economies. In this system, the government intervenes in certain areas of the economy while allowing market forces to operate in others. The government provides essential services, regulates certain industries, and implements policies to correct market failures. Most modern economies, including the United States and many European countries, have mixed economic systems.
To explore each economic system further, you can learn about the specific factors that influence decision-making, the role of government, the allocation of resources, and the outcomes for individuals and society as a whole.