MR WANDILE MQWATHI23610573ECONBScGROUP 5NAME OF THE LESSON EXPIRY DATEContentsINTRODUCTION 1Literary review 1Traditional economy 1Command system 1Market system 1Mixed system 1Critical analysis 1-2S.A system as a mixed economy 2Discussion and comparison on the four types of economic systems 2-3Recommendations 3The advantages of a mixed economy 3The disadvantages of a mixed economy 3Conclusions 4Bibliography................................. ..... ................................................. ....... ....................................5INTRODUCTIONAn economy is a management of resources where people produce/create goods and services. There is an economic basis for every country, a government policy that serves as the foundation for the distribution of goods and the regulation of resources that is never wrong or right in any respect. When the South African economy engaged in an unprecedented/unexpected period of rapid growth coupled with rapid improvement in technology and science, it was then that it was decided to group all types of economies based on their functions and capabilities. According to economic theory, there are basically four types of economic system in South Africa: the command system, the market system, the traditional system and the mixed system. All these types of systems are equally important with respect to the different path in which they operate. There are also benefits and consequences to each economic system, and there are balanced means that can be found through compromise, sacrifice, and a willingness to consider the well-being of all. In South Africa the current operating system is a mixed economic system.Literary ReviewTraditional Economy“A traditional economy is a system where...... middle of paper......they cannot control, because the government controls the collection and tax expenditure. Entrepreneurs rarely like to pay taxes, because it affects their profits. Last but not least, government control over the economy can sometimes be considered inadequate due to the lack of decisions made by states on a certain economic level. Conclusion Since we have discussed and highlighted the difference between all the existing economic systems, we can conclude by saying we have a diversity of economic systems in South Africa. Their impact on the country is well noted and critically examined to see how much his contribution has affected the standard of the nation. Each type of economic system has its special feature and mixed economy has proven to be the best and currently used economic system simply for the modern life we ​​live.BibliographyInternet Sources.