-Traditional economy is an economic system in which resources are allocated by inheritance, and which has a strong social network and is based on primitive methods and tools.
-Centrally Planned (Command) Economy is an economic system in which the state or government controls the factors of production and makes all decisions about their use and about the distribution of income.
-Market Economy is an economic system in which the production and distribution of goods and services takes place place through the mechanism of free markets guided by a free price system rather than by a state in a planned economy.
-Mixed Economy is an economy that has a mix of economic systems. It is usually defined as an economy that contains both private-owned andstate-owned enterprises or that combines elements of capitalism and socialism, or a mix of market economy andcommand economy.
Socialism is an economic system in which the goverment conducts major companies and lets individuals own the rest and communism is when the governments ownes and conducts the nation's capital.
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