- Traditional Economies: 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. It's found today mainly in underdeveloped, agricultural parts of South America, Asia and Africa.
- Centrally Planned (Command) Economy: This is an enconomic 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 systetm in which the production and distribution of goods and services takes place through the mechanism of free markets guided by a price system rather than by the 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 and state-owned enterprises or that combines elements of capitalism and socialism or a mix of market economy and commnad economy
what is the difference between communism and socialism?
Communism is a political system basd on the sahirng of all work and property by the whole communiy. Instead Socialism is that the government should own and control all the major industries.
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