Question: 4. Economic systems can be defined using 4 major features: ownership, coordination, incentives, and objectives. That is to say, each economic system is based on

4. Economic systems can be defined using 4 major features: ownership, coordination, incentives, and objectives. That is to say, each economic system is based on a certain type of ownership, combined with a certain type of coordination, certain incentives and certain objectives. Let's focus on the first three: ownership, coordination and incentives. Explain what they mean and describe different types of ownership, different types of coordination and different types of incentives.

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