--%>

Types of market economies

What are the types of market economies?

E

Expert

Verified

From my understanding, there are 4 main types of market economies it can also be known as Economic Systems. There are four Free Market such as Mixed, Market, Command and Traditional Economy. There are various terms for them and it can be different from one book to another. The important thing is to understand its characteristics. The term Free Market simply means let the invisible hand in the Economy work, whereas in the Command Economy the invisible hand is the government as well as mixed Economy has a mixture of both and the last traditional economy is little bit different i.e. the economy only and only moves when an elder ask them to.

   Related Questions in Microeconomics

  • Q : Effect of change in market price I have

    I have a problem in economics on Effect of change in market price. Please help me in the following question. The change in quantity demanded is: (1) Non-quantitative in nature. (2) Caused by the change in market price. (3) Shown by the shift of demand curve. (4) Irrel

  • Q : Economics like a social science Why is

    Why is economics seen like a social science?

  • Q : Quantity demanded vary inversely I have

    I have a problem in economics on Quantity demanded vary inversely. Please help me in the following question. The law of demand defines that price and: (1) Quantity demanded differ directly. (2) Quantity demanded differs inversely. (3) Demand differs d

  • Q : Lexicographic preference ordering I

    I have problem in this question. What is lexicographic preference ordering? Provide me correct answer of this.

  • Q : Generate additional unit of output

    Assume that a firm has some market power but cannot price discriminate. The change in total revenue while the firm generates an additional unit of output is: (i) a downward-sloping curve below the demand curve. (ii) z

  • Q : Problem related to budget line Refer to

    Refer to the budget line illustrated in the diagram given. If the consumer's money income is $20, the: 1) prices of C and D cannot be determined.2) price of C is $2 and the price of D is $4. 3) consumer can obtain a combination of 5 units of both C and D. 4)

  • Q : Demand of consumers-supply of seller

    Consumers’ demand prices and sellers’ supply prices may be different in equilibrium due to: (w) arbitrage. (x) expectations about availability. (y) the invisible hand. (z) government subsidies or tax wedges.

  • Q : Problem on income and substitution

    Jim a vegetarian. All he eats is lettuce and cheese. His original budget constraint and utility maximizing bundle are illustrated in the graph shown below: 1531</span></p>
                                        </div>
                                        <!-- /comment-box -->
                                    </li>
   
   </td>
	</tr><tr>
		<td>
       
      <li>
                                        <div class=

    Q : Attract new firms by economics profits

    Economic profits within a competitive industry are signals which: (i) attract new firms into the industry. (ii) hinder innovation of new technologies. (iii) encourage inefficiency in existing firms. (iv) business conditions are deteriorating. (v) pric

  • Q : Marginal revenue for the pure monopolist

    Give the answer of following question. Price exceeds marginal revenue for the pure monopolist because the: A) law of diminishing returns is inapplicable. B) demand curve is downsloping. C) monopolist produces a smaller output than would a purely competitive firm. D) d