What Are the Three Different Economic Systems?

Answer An economic system is a mechanism by which a country, or an entity presiding over a large territory, organizes its economy. This means that it instructs how goods will be produced and allocated and... Read More »

Top Q&A For: What Are the Three Different Economic Systems

Is capitalism considered one of the three basic economic systems?

Capitalism is considered one of the three basic economic systems. The other two systems are communism and socialism. Capitalism is also referred to as a "free enterprise" system. The United States'... Read More »

How to Compare the Different Economic Systems?

Comparative economic systems is a branch of economic study that compares and contrasts the differing approaches to economic management around the world. For students, a comparison of economic syste... Read More »

What Are the Major Economic Systems?

Economic systems are found worldwide, and every country interacts with their citizens and with other countries through an economic system. Economic systems are the backbone of monetary success with... Read More »

What Are the Three Economic Questions Every Country Must Answer?

Most of economics relies on a social science platform of measuring and theorizing about how, when and why money will be spent by consumers and businesses. Before this can happen, three key question... Read More »