Types of Economics System

[hijan_itsme]

Type of economic system used countries over the world differ from country to country. On the basis of recent trend, it can be found that most of the countries over the world are more reliant on markets type of economic system.

Various type of economic system over the world are as follows:

Market Economy:

The Market Economy system is being accepted by most of the countries over the world following the success of western countries such as USA, Canada and Others. In a market economy system both buyers and sellers play a significant role and prices are determined through demand and supply interaction.
Political Economy:

In a world environment where acceptance of neo-liberalism is rising very fast, the relevance of political economy is well meant for bringing world powers together. Find detailed on global political economy dealing with global trade, finance, and other monetary and fiscal policies.

Global Economy

The Global Economy has made a significant shift in its agriculture related economic activities to services related activities. It has also experienced a faster rate of growth in its Gross Domestic Product. Find detailed on the trend of global economy, global exports, global economic indicators and globalization economy.

Mixed Economy

Mixed Economy is such a type of economic system, where both capitalist economic norms as well as socialist economic norms exist. Both Private economic freedom and centralized planning co-exist.

Capitalist Economy

A Capitalist Economy can be defined as a type of economic activity, where the means of production are mainly owned by the private owners. A higher degree of consumer's freedom exists in such types of markets.


Socialist Economy:

Socialist Economy is a type of economic system where the means of production and distribution are made by the public authority or the Government. Such type of economy can be defined as a centrally planned economy.

Information Economy:

Information and Communication Technology has contributed a lot in the progress of World Economy. Both international trade and commerce are highly influenced by the sector recently. Business enterprises are largely benefited from the sector. More closer terms to information economy is knowledge economy.

[adeel1214]

hello brother u did a fine job but U should introduce the ISLAMIC ECONOIMCS TOO with capital and social....

[hijan_itsme]

Its very good that u have pointed out but my dear I was talking about such types which are currectly using by different countries in the world.

Islamic Economic System is the best of all the systems.

[adeel1214]

Tahir you are admiting that but you are not providing the details regarding Islamics Economics.. just like our talk shows... we know all but dont elaborate it.. nice