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What are economic systems?
An economic system is the system of organisations utilized by a society to solve the economic difficulty of what how and for whom to make. There are four types of economic system.
a. Traditional economy
b. Free market economy
c. Planned or command economy and
d. Mixed economy
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A transition economy is Moving from a planned to a mixed or free market economy.
Explain about the term Traditional Economy. Traditional economy: It is where decisions regarding what, how and for whom to produce are based onto tradition and custom. A
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