Which factor is primarily responsible for location A having a lower average yearly temperature than location B

An economic system is the decision-making structure of a nation’s economy, characterized by the entities and policies that shape it.

An economic system may involve production, allocation of economic inputs, distribution of economic outputs, firms, and the government to answer the economic problem of resource allocation.

There are two general subtypes of economic systems: free market systems and planned systems.

A country may have some elements of both systems, and this type of economy is known as a mixed economy.