Homework Help > BusinessWhat are the types of economic systems?Download AnswersAsked on October 2, 2009 at 7:03 AM by sweet107like 7dislike 034 Answers | Add Yourspohnpei397 | College Teacher | (Level 3) Distinguished EducatorPosted on October 2, 2009 at 9:54 AMEconomists generally recognize three distinct types of economic system. These are 1) command economies; 2) market economies and 3) traditional economies. Each of these kinds of economies answers the three basic economic questions (What to produce, how to produce it, for whom to produce it) in different ways.Ads by ZINCIn a command economy, the government decides the answers to the three basic questions. It decides what will be made, how they will be made, and who will get them. Recently, pure command economies have usually been communist countries. Good examples today would be North Korea and China.
