Major Types of Economic Systems

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The economic system is broadly classified into three categories including capitalism, socialism and the mixed economy.

Here is a brief guide about these three major types.

·        Capitalism – It is the economic system based on free enterprise. AN important feature is individual ownership of resources. Individuals can conduct any type of business with control and command over various resources. The main objective of the system is to maximize the private gains.

·        Socialism – It refers to the economic system in which the resources are owned by the state or state-owned institutions. Production is not intended for maximizing the profits of individuals or organizations, but for the interest of the society. The government decides the type of productive efforts to be permitted in this economic system.


·        Mixed Economy – The entire economic system in a mixed economy is operated with the price mechanism at its centre point. Producers produce what consumers wanted and this limits the government’s intervention in the syste

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Location: Kerala, India

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