In short, the economic system of rules is the way in which a state deals the production and statistical distribution of trade goods and services. Every country and society should make determinations and decisions based on their own economic values.
Economic systems are split into 3 standard types:
1): The traditional economic system
2): Market command economic system of the economic system
3): Command economic system
1.TRADITIONAL Economic System that occurs and what makes every person is determined by birth. An individual can have to do what his father did. The part of the wealthiness is established by the custom or the position of one in society.There are traditional economies that last today in some countries of Asia, Middle East, Africa and Latin America.
2 - Market of Economic System means what every person does is based on process in the market. Buyers and vendors to determine for themselves what goods and services will pass. Individuals who determine on their own reactions to basic economic issues. The United state of america is classified as a market economy.
3 - Command economic system means individual has no or less control in how the base economic issues are answered. What is developed and what each person does can be established by a small group of people. The product may be the property of the limited group in the control or mutual with others. China, Uganda and the Soviet Union are models of targeted economies, although most of these Nations have step by step moved towards a limited market economy.