What are the four economic systems?

1. Capitalism is an economic system where goods and services are produced, distributed, and exchanged according to the market forces of supply and demand. It is based on the idea of private ownership and freely competitive markets, where individuals and businesses can buy, sell, and compete with one another for goods and services. 2. Socialism is an economic system where the means of production, such as land, factories, and machinery, are owned and controlled by the state or by the public in common. Under this system, people have a say in deciding how resources should be allocated and spent. 3. Communism is an economic system where the government owns and controls the means of production and dictates what is produced and distributed. It is based on a centrally planned economy and focuses on achieving collective goals that benefit everyone. 4. Mixed Economy combines aspects of the three types of economic systems mentioned above. It is a system where the government plays an active role in the economy by making decisions about tax rates, subsidies, and welfare policies. At the same time, individuals and businesses are given some freedom to decide how to use their money.