Types of Economic Systems

The 3 Types of Economic Systems centrally planned economy combine economy grocery economyCentrally planned economySystem in which a nations resources ar owned by the authorities. Came from the ideology that the welf be of the group is more grave than individual well being, the idea came from Karl Marx. The decline of Centrally planned economies was in the 1980s nations began to dismantle communist central planning in favor of grocery store based economy. Mixed economyEconomic corpse in which resources are more equally divide between hole-and-corner(a) and government self-will. It came from the idea that a successful system must be not only good and innovative exclusively should also protect society. near economies around the world are merge economies but most conglomerate economies are trying to replace more of a market economy. This is called Privatization or Privatizing. Market EconomyThe majority of nations resources are cloak-and-daggerly owned. Economic decis ions are determined by supply and demand. Based on the belief that individual concerns should be placed higher up group concerns. The best features are cede choice, promiscuous enterprise and price flexibility. The governments role is enforcing antitrust laws, preserving topographic point rights, providing a stable fiscal and monetary purlieu and preserving political stability. Personally I would prefer to rifle in a mixed economy. I theorise this because it is the best kind of stinting system in my eyes. A mixed economy lies between a free market economy and a centrally planned economy. A mixed economy combines elements from free market and centrally planned to create a more favorable economy. Most nations operate mixed economies with varying combinations of capitalist and socialist features. Some benefits of a mixed economy are free enterprise, private ownership, a safety net and the ability for the government to step in if needed. This is very appealing because the benefit s are unmatched from the other two main economic systems. I like the idea of private ownership and the government being able to step in during times of need, these two examples are the main reasons I prefer to live in a mixed economy.