Types of Economic systems
3 different economies
Market economy
Planned economy
Mixed economy
Market economy
An economy where the resources are managed by the private sector
The government has minimal role, except providing some products
Planned economy
An economy where the resources are managed by the private sector
The government has minimal role, except providing some products
Mixed economy
An economy where both private sector and government play an important role in the allocation of resources
planned economy is an economy where the resources are managed by public sector not by private sector
private sector