What are the three types of economic system that exist in the world?
So you have the free - market economy, aka capitalist or laissez fair. This is where the government doesn’t run things, the allocation of resources are handled by the private sector (businesses, corporations etc). Then you have the communist, where the government is in full control of the allocation of resources. This is like Cuba with Castro, and Venezuela. Then you got the mixed market economy where you have intervention from both the govt and private sector. There are other economic systems which arent very popular, like the traditional system. This one doesn’t use money as currency, they use the old barter system where they trade their goods for other goods. Only like 2 or 3 countries have this