Type of economic systems include tradiosional, capitalism, command,mixed and islamic economic systems?

Question

Type of economic systems include tradiosional, capitalism, command,mixed and islamic economic systems?

Answer 1

I think you are asking what are the different types of economic systems?

They are traditional (also called subsistence), this means that the society only produces enough goods and services to meet basic needs - think of an island community that is isolated from the rest of society - there are not many left now.

Capitalist means that the economic questions of what to produce, how to produce it and for whom to produce it are decided by the price mechanism (supply and demand determines what is produced and what you pay for it) and the profit motive.  Think USA.

Command economy is one that is run by a central agency or government (think communism).  This means decisions are made on behalf of the society.  E.g. China and Cuba

Mixed is where you may have capitalism and some level of government control (the government intervenes to provide basic services).  Think the UK and Australia.

I am not sure what you mean about "Islamic" - no such economy system in economic theory.

I hope this helps.