Types of Economic Systems

Traditional economies: are in which people do their own thing that they survive on what they make. For example if you plant vegetables and you eat that. Traditional economy is the same as your past for example your grandparents. You still could find traditional economies in South America, Asia, and Africa. Basically traditional economies are passed down by tradition and they chose to live that way.
Centrally Planned (Command) Economy: The centrally planned economy is basically run by the government and the government decides everything on what to do. No other person could make a decision to run any kind of business. The government decides what goods they could sell and produce. And the government sell the goods and the services.
Market Economy: The U.S. runs on the market economy. A market economic system is one in which a nation's economic decisions are the result of individual decisions by buyers and sellers in the marketplace. An economy that operates by voluntary exchange in a free market and is not planned or controlled by a central authority; a capitalistic economy. Market economy depends on you because you could open a business and if the consumers look for your product you have a chance to succeed if the consumer doesn’t like your product you will run out of business.
Mixed Economy: A mixed economy is when a country has communism and socialism. No countries have only one because every country has a mixed economy, with some free enterprise and some government ownership.
Communism: is when the government operates and controls all of the nations productions. Communism is a system of government in which the state plans and controls the economy and a single, often authoritarian party holds power, claiming to make progress toward a higher social order in which all goods are equally shared by the people.
Socialism: is when the government owns everything from banks to airplane companies. And everyone contributes to the economy. If the government owns and operates many of the nation's major industries-such as banks, airlines, railroads, and power plants-but allows individuals to own other businesses, including stores, farms, and factories, that nation's economic system is called socialism.