The three major types of economic systems are ________.

Question

Quizplus · Accepted Answer

The three major types of economic systems are capitalism, planned economies, and mixed economies. Capitalism is characterized by private ownership of the means of production and free market competition. Planned economies are characterized by government ownership of the means of production and central planning. Mixed economies are a combination of capitalism and planned economies, with some industries privately owned and others publicly owned, and market forces and government intervention both playing a role in resource allocation. The other answer choices are not accurate descriptions of the major economic systems.

The Three Major Types of Economic Systems Are ________