Name and describe the economic systems?

Distinguish between traditional, market, command and mixed economic systems.
In the conditions of the traditional (agrarian) economic system, land and capital are in the common ownership of the family, the community, and a small share of state ownership may also be allocated.
The command (planned) economy is characterized by state ownership of the main factors of production. The allocation of resources, the solution of basic economic issues, the determination of prices for goods and services is centrally decided by the state.
The basis of a market economy is private property and private economic initiative, as well as competition between producers.
The most common in the modern world are various models of a mixed economic system. For instance. market economy, within which the state improves market deficiencies.

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