The most common economic system in the world is a?

closed economy
command economy
market economy
traditional economy

Market Economy

Further Explanation:

The Economic System is a system of production as well as resource allocation that takes place within a society or in an given geographic area. An economical system includes the combination of various institutions, agencies and all the decision making processes which comprise of the economic structures of a given community. The most common economic system in the world is the Market economic system and is also among the most ancient economical systems of the world. In today’s scenario also, Major portions of the world still function under the traditional economic system and the areas that follow the most part of the traditional economy are the rural, Second world countries, third world countries and that is mostly through the farming. In this type of economy, a surplus is found to be very rare.

Every member of the market economy is given a specific role and these roles are tend to be very close-knit as well as socially satisfied.  

Learn More:

1. Evaluate and discuss the negative impact of youth risk behavior on yourself and others.

2. Advice South African youth on two preventative measures that can help in combating risky behaviors.

Answer Details:

Grade: High School

Chapter: Economy

Subject: Economics

Keywords: Economy, Traditional Economy, third World, Second World, Technology, Medicine, Close-Knit, Rare, Surplus, Economic System

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