Which of the following is NOT one of the three basic economic systems?

The correct response states that a mixed economy is not one of the three basic economic systems, which requires clarification. In economic theory, the three fundamental types of economic systems are traditional, market, and command economies.

A traditional economy relies on customs and historical precedents to guide production and distribution. A market economy, on the other hand, relies on supply and demand to determine prices and production levels, with minimal government intervention. Finally, a command economy involves central planning where the government makes decisions about what and how much to produce.

A mixed economy, while very common in practice today, is actually a combination of the other three types rather than a distinct basic system. It incorporates elements of both market and command economies, making it a hybrid rather than one of the foundational types.

Therefore, recognizing that mixed economies blend aspects from various systems helps clarify why it is not included among the three basic economic systems of tradition, market, and command approaches.