Economy and Economics
Economic :- IT is the State of a Country or region in terms of the production and consumption of goods and services and the supply of money.
Economics :- It is the branch of knowledge concerned with the production, consumption, and transfer of wealth.
Types of Economic System
There are four primary types of economic system in the World:
1-Traditional Economic System :- A traditional economic system is the most traditional and ancient type of economy in the word. Products and services that are direct result of their beliefs, customs ,traditions,religions etc. are produced in this system. There are certain elements of a traditional economy that those in more advanced economies , such as Mixed.
2- Command Economic System :- In terms of economic advancement, the command economic system in the next step up from a traditional economy. The most important feature of this system is the a large part of the economic system is controlled by centralised power,often, a federal government.
3- Market Economic System :- A market economy is very similar to a free market. The government does not control vita resources,valuable goods or any other major segment of the economy . In this way,organizations run by the people determine how the economy runs,how supply is generated, what demands are necessary, etc.
4- Mixed Economic System :- A mixed economic system also known as a Dual Economy, is a combination of economic systems, but it primarily refers to a mixture of a market and command economy.In this type of economic system the market is more or less free of government ownership except for a few key areas (usually not the resources that a command economy controls).