Match the following economic systems with their definitions.
Mixed economy
?
An economic system
where decisions are made
by producers and
consumers.
Planned
economy
?
An economic system run
by the government.
Free-market
economy
?
An economic system that
uses both free-market and
command principles.

An economic system is a mechanism used by communities or governments to coordinate and distribute resources, services, and goods throughout a territory or nation. The factors of production, such as land, capital, labour, and physical resources, are governed by economic systems.

Economic systems are the guidelines that a country and its citizens used to manage their economy. It regulates how resources are distributed in a specific geographic area for production, distribution, and consumption.. The traditional, command, mixed, and market economies are the four basic types that are commonly seen worldwide.

Therefore, An economic system where decisions are made by producers and consumers – Free market economy. An economic system run by the government-planned economy. An economic structure that applies both command and free-market ideas.

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