An Economic System is any system that includes a mechanism for the production, circulation, and exchange of goods in addition to the utilization of goods and services inside various entities.
Mention Different Forms of Economies?
Economic systems are classified as Market Economy, Planned Economy, Centrally Planned Economy, Socialist Economy, and Communist Economy. All of these are distinguished by ownership of economic resources and their deployment.
In a Capitalist Economy, for example, capital is privately held and dispersed, with government control and regulation. In a Communist Economy, on the other hand, the state is in charge of allocating resources based on the requirements of the various sectors. In a mixed economy, the government manages some sectors while allowing private sector engagement in others.
Aside from that, the degree of government or state intervention defines the types of economic systems that are categorized.
Thus, Economies would be the correct word for the blank.
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