The economic system consists of: consumers, producers, government and industrial organizations
Any society face basic economic problem generally.
• Different economic systems occur as the result of solving these basic economic problem.
• These economic systems can be categorized as Market economy, Command economy and Mixed economy.
• Market economy is termed as a Capitalist economic system or a Free enterprise economic system, alternatively.
There are some disadvantage also in the market economy such as,
Command economic system is explained as an economy where the basic economic questions are solved by the centrally planned authority.
The main characteristics of a Command economic system can be explained as