What Are The Three Major Types Of Economic Systems?

Economic Systems
Name
Institution Affiliation
Economic Systems and Effects on How Organizations Are Structured
There are three economic systems including the free market, command economies and mixed economies. Free market economies are capitalistic economies where individuals and businesses possess the freedom to search for their personal economic benefits. Additionally, the selling and buying of services and goods occur in a competitive market that is left alone to determine their prices (Flynn, 2011). Through this system, organizations are structured regarding ownership of resources whereby resources are owned by individuals through either inheritance or industry. As such, the people obtain payment for using their resources by others. Therefore, mixed with wealth inherited, will determine how a person spends.
Command economies, also commonly termed as centrally planned economic systems; they are best described by their nature of control by governments. Accor...