Hayat Ashraf

There are various types of economies that exist in different countries and regions around the world. Here are some of the commonly recognized types of economies: 1. Market Economy: Also known as a free-market economy, it is characterized by private ownership of resources and businesses. Prices are determined by supply and demand, and economic decisions are driven by individuals and businesses in pursuit of their self-interest. Examples of countries with market economies include the United States and most Western European nations. 2. Command Economy: Also referred to as a planned economy, it is characterized by central authority or government control over resources, production, and distribution. The state makes decisions regarding what to produce, how much to produce, and the prices of goods and services. Historically, countries like the former Soviet Union and North Korea followed command economies. 3. Mixed Economy: This type of economy combines elements of both market and command eco...