The three economic system include:
- Free market economic system
- Command economic system
- Mixed economic system
What is an economic system?
It should be noted that an economic system simply means the means of production and distribution of goods and services in an economy.
The free market economic system is the market system where the production and distribution is done by the consumers.
Command economic system is the the market system where the production and distribution is done by the government.
Mixed economic system is the market system where the production and distribution is done by the consumers and government.
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