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.

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!