What are the solutions to the economic problems? (Isms, market systems)

 There are different ways that a society can answer the basic questions. By the three kinds of economics we can get the solution of the problems. These are briefly discussed below.

Market economy: A market economy is one in which individuals and private firms make the major decisions about production and consumption. A system of process of markets of profits and losses, of incentives and rewards determines what, how and whom. In United States most economic questions are solved by this market economy. The extreme case of a market economy in which government keeps it hands off economic decisions is called a laissez-faire economy.

Command economy: A command economy is one is which the government makes all important decisions about production and distribution. It is operated in China. In short in a command economy, the government answers the major economic questions through its ownership of resources and its power to enforce decisions.

Mixed economy: In a mixed economy there exist both the market and command economy. A mixed economy is widely known as one, which has both private and public sector. The private has the features of free enterprise of market economy and public sector has the features of command or socialist economy.

The economic system depends on the environment and acceptability. As a developing country mixed economy is the unique solution for Bangladesh.