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Name and describe the features of the three types of economic systems.

User ArgonQQ
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Answer:

  1. Market economy It is known as the hands off systems, and an example would be the laissez-faire capitalism
  2. Mixed economy - It is a hybrid that blends some characteristics of both market and planned economies
  3. Planned economy - It is known as the hands on systems, such as state socialism, also known as "command economy" when referring to the Soviet model

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User Ed Barbu
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