Various Types of Economy in Economics | Best Study Material

An economic system based on private owner ships, asserts, production, profits etc. comes under Capitalist economy.

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An economy based on democratic control and public ownership on the means of production.

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An economy based on the mixture of both public and private ownership.

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Open economy generally refer to free from trade barrier, which means large percentage of GDP cover by Import and Export.

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An economy which does not have interference with import and export of goods and services from other country.

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An economic system based on private owner ships, asserts, production, profits etc. comes under Capitalist economy.

Capitalist Economy

An economy based on democratic control and public ownership on the means of production.

A Socialist Economy

An economy based on the mixture of both public and private ownership.

A Mixed Economy

Open economy generally refer to free from trade barrier, which means large percentage of GDP cover by Import and Export.

Open Economy

An economy which does not have interference with import and export of goods and services from other country.

Closed Economy