Question

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

Answer 1

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

Step-by-step explanation: