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Answer:
Command economy — the government decides what’s produced, along with how much is produced. Mixed market economy — the government controls some aspects of the economy, such as infrastructure and transportation, while private consumers and producers control the means of production in other areas. Pure market economy — the government has no involvement or decision-making in what or how much is produced.
Economy refers to the inter-related production and consumption of services and goods that are used to fulfill the demands and living.
What are the types of Economy?
- Command Economy is a type of system in which the government determines what type of goods and services should be produced rather than a free market. The price of goods is also determined by the government.
- A mixed economy is a type of system in which the market allocates the resources and the state intervenes to regulate the operations. The free markets coexist with government intervention.
- A market economy is referred to the allocation of production and consumption of goods and services arising from supply and demand. The government does not intervene and the decisions of investments, allocation, and consumption of goods are mainly using market economy.
Thus, the types of economy are market, mixed, and command economy.
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