Which of the following is NOT one of the three main types of economic systems?

• A. Traditional economy
• B. Mixed economy
• C. Market economy
• D. Command economy

Answer: (A)

Verified step by step guidance

1. Step 1: Understand the three main types of economic systems commonly studied in microeconomics: Traditional economy, Command economy, and Market economy.
2. Step 2: Define each system briefly: Traditional economy relies on customs and traditions; Command economy is controlled by the government; Market economy is driven by supply and demand with minimal government intervention.
3. Step 3: Recognize that a Mixed economy combines elements of both market and command economies, making it a widely accepted main type of economic system.
4. Step 4: Identify that the question asks which option is NOT one of the three main types, so you need to determine which of the listed options does not fit as a primary category.
5. Step 5: Conclude that since Traditional economy, Market economy, and Command economy are the classic three types, the Mixed economy is actually considered a main type, so the answer is the one that does not belong to the classic three.