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DEFINITION OF “ECONOMIC SYSTEM”:

An organized way in which a state or nation allocates its resources and apportions goods and

services in the national community.

Remember: economics involves making decisions about resources!

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Four Types Of Economic Systems

Different countries in the world employ different kinds of economies.  They can, therefore, be

categorized into four systems :

Command Economies, Traditional Economies, Mixed and Market Economies.

All these economies are based o and have different

strengths and weaknesses as detailed below.

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Summary table of the characteristics of economic systems

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