Economic Systems

Traditional Economies: a type of economic system where people's economic role are the same as their parents and grandparents. These types of economies are usually found in countrie like Asia, South America and Africa. These people harvest their own crops on their own land. They're past and tradition determines their way of life.

Centrally Planned (Command) Economy: this is the type of economic system where the government controls is the main decision maker. There is no one person who can inpendently open and run a business. The government decides what good and services can be used and they delegate these services.
Market Economy: this type of economic system is one where the nations economic decisions are the results of individual buyers and sellers in the marketplace. The U.S. has a markey economy. This is sort of like a "democratic" economy. You can choose to where anywhere you like as long as there is a job opening. You can open your own business and run it. You may do extremely well with your business but if it is not popular with the public, you will not be in business for long.
Mixed Economy: there are 3 different types of economic systems capitalism, socialism and communism. No one country has a 100% capitalism, socialism or communism system. All countries have mixed economies which are combinations of 2 or 3.