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The Three Main Types of Economic Systems

Please briefly address the following:
List and define the 3 main types of economics systems found around the world. Give an example of each type of economic system. Provide the name of the country and the type of economic system it practices. Discuss several advantages and disadvantages of one type of economic system

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1. A market economy is one in which individuals own and operate the factors of production. It can also be termed a free enterprise system or capitalism. Obviously, the US does a great job at filling the definition, but Great Britain and Japan do too. We like free enterprise because it rewards owners who have great ideas, good implementation and great products. Of course, there are limitations in any economic system, and ours requires controls; in fact, many controls. There are those who think that no controls are necessary but time seems to have shown otherwise. Types of controls are money and ...

Solution Summary

The three types of economic systems are described in a solution of 395 words together with example countries, conditions and consequences of each type. Additionally, advantages and disadvantages are discussed for each type of economic system.