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What are the different types of economic systems?

There is a great deal of variety to economic systems throughout human history and in the world today, but there are four main categories of economic systems: 1. Traditional economy: Traditional economic systems refer to everything that came before the rise of modern market economies.

What is an economic system?

An economic system encompasses many institutions, agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community. There are many types of economies around the world. Each has its own distinguishing characteristics, although they all share some basic features.

What type of economic system does a country have?

In addition, a country may have one predominant type of economic system, but some of its regions may carry a different system, with real-world economies being more dynamic and more complex than their theoretical counterparts (Duffy, 2014). Typically agrarian in nature, traditional economies allocate resources based on kinship, custom, and religion.

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