The 3 Types of Economic Systems

The 3 Types of Economic Systems centrally be after economy Mixed economy Market economyCentrally planned economySystem in which a nations resources be owned by the political sympathies. Came from the ideology that the welfare of the group is more important than individual well being, the idea came from Karl Marx. The decline of Centrally planned economies was in the 1980s nations began to dismantle communist central planning in favor of market based economy. Mixed economyEconomic system in which resources are more equally divide between private and government ownership. It came from the idea that a successful system must be not only cost-effective and innovative but should also protect society. Most economies around the world are mixed economies but most mixed economies are trying to switch over more of a market economy. This is called Privatization or Privatizing. Market EconomyThe majority of nations resources are privately owned. Economic decisions are determined by supply and demand. Based on the belief that individual concerns should be placed above group concerns. The best features are free choice, free enterprise and price flexibility. The governments role is enforcing antitrust laws, preserving office rights, providing a stable fiscal and monetary environment and preserving political stability. Personally I would prefer to live in a mixed economy. I advance this because it is the best kind of economic system in my eyes.A mixed economy lies between a free market economy and a centrally planned economy. A mixed economy combines elements from free market and centrally planned to create a more favorable economy. Most nations operate mixed economies with change combinations of capitalist and socialist features. Some benefits of a mixed economy are free enterprise, private ownership, a safety net and the ability for the government to footprint in if needed. This is very appealing because the benefits are unmatched from the other two main economic systems.I like the idea of private ownership and the government being able to step in during times of need, these two examples are the main reasons I prefer to live in a mixed economy.