Question

The most common economic system in the world is a?

Answer 1

The most common economic system in the world is a mixed economy. Mixed economies are combinations of market and command economies.

Further explanation

There are many economic systems such as traditional, command, market and mixed market. The most common economic system in the world is a mixed economy.

1. The traditional system is when people grow their own food and make their own goo, the economy rely on agriculture, fishing and hunting. Trading in traditional economic doesn't use money but barter. This system is no longer use.

2. The command system is when the government controls the economic activities. The government makes all economic decisions  including prices and production.

3. The market system is when the economy fully controlled by the power of demand and supply. The government has no right to impose regulations on the market such as wages and prices.

4. A mixed economy is when the government and private sectors both work together to sustain the economy. A mixed economy is a combination of command and market system .

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Keywords: mixed market, the most common economic system, a command system, a transitional economy

Answer 2

The most common economic system in the world is a mixed economy.

Further Explanation:

Mixed economy:

The mixed economy is a type of economy where both the private and the government work together to run the economy. Mixed economy is a mixture of command and market economic system.

Types of the economic system:

There are four types of the economic system which are:

1.

Traditional economic system:

The traditional economic system, people, depend on agriculture, hunting, and fishing. This is the oldest economic system in which the barter system is used, and there is no use of money. People make their own food and grow them also on their own.But this type of economy does not exist now.

2.

Command economic system:

In the command economic system, the government is the major one who takes all the decisions regarding economic activities.

3.

Market economic system:

In the market economic system, the economy is controlled by the forces of market demand and supply of the market. The government has no role to play or to take any decision.

4.

Mixed economic system:

The mixed economic system is a mixture of command and market economy. The mixed economy is the best economic system where the government and the private sector both work together to run the economy. The mixed economy is the most common economic system in the world.

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Answer Details:

Grade: High school

Chapter: Consumer demand

Subject: Economics

Keywords:

The most common economic system in the world is a mixed economy, traditional, command, market, and mixed economic system.