Use the drop-down menu to complete each sentence. A economy usually stresses the equality of all citizens. A economy aims to be self-sufficient. A economy relies more on bartering than money. In a economy, private businesses are encouraged.

A type of economic system where production, investment and the allocation of capital goods takes place according to economic and production plans is called planned economy.

Closed

An economic system that doesn't allows trade with outside economies is called closed economy. It is a self sufficient economy, it means no goods are exported or imported. The main purpose of closed economy is to provide domestic customers everything they need from the domestic industries.

Traditional

The economy in which traditions and customs shape the services and goods produced in an economy. They also affect the manner of their distribution. This type of system is used by the countries that are farm based and rural.

Mixed Market

The economic system having both the element of market and planned economies is called mixed market economy. US and France are examples of mixed market economy.

mahak08 mahak08 · Answer 2 · 2022-02-15T07:34:23+01:00

An economic system is a way for communities or governments to manage and divide available resources, services, and goods throughout a geographical region or country.

To know more about the answer we need to know the whole concept of economic system.

What are the types of economic system?

Command

A planned economy is a form of economic system in which manufacturing, financing, and capital goods allocation follow economic and production plans.

Closed

Closed economy refers to an economic system that does not allow trade with other economies. Because it is a self-sufficient economy, no items are exported or imported. The primary goal of a closed economy is to offer domestic clients with all they require from domestic industries.

Traditional

An economy in which traditions and conventions shape the products or services produced. They also have an impact on how they are distributed. This type of method is employed in farm-based and rural countries.

Market Mix

The economic system that combines elements of the market and planned economies is known as a mixed market economy. The United States and France are examples of mixed market economies.

Thus the answer to the question is Command,Closed , Traditional , Mixed Market.

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