Economic systems are the methods and structures that societies use to produce, distribute, and consume goods and services. They determine how resources are allocated and how economic decisions are made. The main types of economic systems include capitalism, socialism, and mixed economies, each with its own approach to ownership and control of resources. In a capitalist system, private individuals or businesses own and control resources, while in a socialist system, the government typically owns and manages resources for the collective benefit. Mixed economies combine elements of both, allowing for private enterprise alongside government intervention to address social needs and economic stability.