Types of Economic Systems

Traditional economies:
Traditional economies are found in rural, non-developed countries; Some parts of Asia, Africa, South America and the Middle East have traditional economies.

Centrally Planned Economy:
An economy that is planned and controlled by a centraladministration, as in the former Soviet Union

Market Economy:
An economy that operates by voluntary exchange in a free market and is not planned or controlled by a central authority; a capitalistic economy.

Mixed Economy:
an economy in which there are elements of both public and private enterprise.

Communism is when a single person controls a countries enconomy. Socialism is a system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole.