Hello fellow adventurers let us enjoy talks of economic system with Endorline our expert
You are so embarrassing
This is a combination of a command and market economy
Things to keep in mind
Mind me not I am here to remind you that no economy can be pure / 100% itself
As she said this is a mixed economy like in America I tried using a image that looked like Manhattan. IN this economic system we combine command and market economies meaning that the government interferes in some areas but for the most part leaves the market alone. This allows for private corporations to occur and public education to be control by the DOE.
This is based on getting what you need
The people control the goods production and sale
This is a command economy meaning that the economy is in the hands of the government every aspect except small aspects is controlled by the government. Everyone gets the same thing and everything is set by the government wages and what you get. A command economy is found in communist countries.
Goods are owned by the government in this economic system
In this economic system it is excessively focused on goods such as agriculture. This economic system is about buying what you need and since it is the oldest economic system it is more sustainable and produces less waste than the other economic systems. The economic system is popular mainly in third world countries
This is the most profitable economic system and it is run by the people. A market economy runs on supply and demand although the wealth may not be benefiting society as a whole. External factors may become extremely powerful (monopolies or conglomerates ).