Describe the different types of global economic systems according to the means by which they control the factors of production.
One of the major factors of distinguishing various economic systems across the globe is on the basis of the ownership of various factors of production. This will impact the standard of living in the economy and the degree of income inequality.
Answer and Explanation:
The following are some of the major types of the economic system present around the globe:
- Command Economic System - In this type of system, the...
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fromChapter 25 / Lesson 1
Compare 4 types of economic systems to learn about different types of economies. Explore the definitions of a market economy, command market economy, and more.