Name the types of economics system.

There are three types of economic system 1) Capitalist 2) Socialist and 3) Mixed economy

In the Capitalist economy everything is owned by private, people own the resources and use them to maximise their benefit, the government have no restriction on them. In a Socialist economy society, called as a government have control over resources and used them to increase the welfare of the whole society. India is a mixed economy and it has features of both capitalist economy like privatisation of some resources, like consumer goods and control over some necessary goods like petrol, drinking water etc.