What are the two types of economic systems that are seen in contemporary societies?

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The two types of economic systems seen in contemporary societies are capitalism and socialism. Capitalism is a system where individuals or businesses own and control the services and production of goods, while socialism is a system where the economy is owned and controlled by the government, with the aim of promoting equal distribution of goods and services. Both systems have their strengths and weaknesses, and societies around the world have various mixtures of the two.

What Are the Two Types of Economic Systems That Are